Another day, another trillion-dollar IPO. But is it real money this time?

The AI company Anthropic has set the terms for its highly anticipated IPO, aiming for a market cap between $916 billion and $1.405 trillion. Key details include a share price range of $70 to $78, raising about $64.4 billion, with trading set to begin on November 19th. Alongside this, a $26 billion private placement from major tech suppliers like Google, Nvidia, and Microsoft will push the total capital raised to nearly $85 billion, primarily earmarked for buying more computing power.

This massive valuation arrives despite the company reporting a staggering $104 billion net loss, largely from non-cash charges, and a significant markdown from earlier $2 trillion whispers. For the crypto and tech markets, the event is less about a new product and more about a giant liquidity event, testing whether investor appetite for AI hype can absorb such a colossal offering. The takeaway: the real product being sold isn't intelligence, but equity in the compute arms race.