What will the market actually value Anthropic's IPO? I've reviewed the S-1/A rounds, and the only discrepancy in the figures lies in the share capital. Some say it's only $1 trillion, others say $1.2-1.4 trillion. What's the actual difference? It's the difference between fully diluted market capitalization and free float market capitalization. ANT's IPO price is between $70 and $78, with 825 million shares issued, plus a $26 billion private placement from Google, Nvidia, and others at the same price. Based on free float, that's approximately 13.1 billion shares, corresponding to $0.92 trillion to $1.02 trillion. Based on fully diluted, that's approximately 18 billion shares, including options, RSUs, and Amazon convertible bonds, corresponding to $1.26 trillion to $1.40 trillion, with a median of $1.33 trillion. The market valuation is the latter. Based on the median, the October run-rate of $81 billion corresponds to a PS ratio of approximately 16, while the Q3 annualized run-rate of $67.8 billion corresponds to approximately 20 times. The FT reports that investment banks are considering raising the valuation to over $1.5 trillion, equivalent to approximately $83 to $84 per share, but so far only the FT has reported this. Pricing is on November 18th, and trading will begin on November 19th. The figure of approximately $968.4 billion is based on free float and was incorrectly labeled as fully diluted, so PS ratios of 12x or 14x are considered undervalued. Q3 revenue was $16.96 billion, and the past twelve months' revenue was approximately $35.3 billion, resulting in a PS ratio of approximately 38x. The run-rate is calculated by multiplying the most recent 28 days' consumer revenue by 13 and then adding monthly subscription revenue by 12, which can be quite volatile. The final price on November 18th will likely be priced significantly higher than the range. Based on the valuation of perpetual contracts in the cryptocurrency market, a price of 1 trillion USD would be profitable. The initial public offering (IPO) valuation will not be lower than 1 trillion USD, and there will be speculative activity following the listing. It is estimated that the price on the listing day will be between 1.5 and 1.8 trillion USD.