[Anthropic IPO Valuation Calculation Differs: Actual Shares Equivalent to Approximately $1.02 Trillion Market Cap, Fully Diluted Valuation to Approximately $1.405 Trillion] According to an article published on the X platform by Odaily Planet Daily, qinbafrank stated that Anthropic's IPO valuation uses two different calculation methods: actual issued shares and fully diluted shares. Based on the upper limit of the IPO price range of $78, and considering only the approximately 13.087 billion shares of actual outstanding economic equity after the IPO and the $26 billion private placement, the company's market capitalization is approximately $1.02 trillion. However, the highest valuation of approximately $1.405 trillion mentioned in the CNBC report uses a fully diluted method. This method further includes unexercised options, unvested RSUs, shares reserved under equity incentive plans, and shares reserved under employee stock ownership plans. The total number of shares after full dilution is approximately 18 billion, which, multiplied by $78, corresponds to a valuation of approximately $1.404 trillion. However, a fully diluted valuation does not mean that these potential shares will be issued all at once during the IPO. Among the aforementioned categories of shares, unvested RSUs and shares reserved under equity incentive plans and employee stock ownership plans are not currently considered shares that have been actually issued. Therefore, full dilution is a theoretical maximum, and actual dilution occurs gradually year by year, typically lasting several years.