Anthropic IPO valuation differs by share count: $1.02T basic vs $1.405T fully diluted

The trillion-dollar gap between the basic and fully diluted figures is a reminder that headline IPO valuations are accounting choices as much as market judgments, and the roughly 18 billion fully diluted count leans on equity that would not be issued at once. That distinction matters most for anyone tracking post-listing supply overhang, since unexercised options and unvested RSUs convert into future shares rather than present ones. Whether the market anchors on the lower basic figure or the higher fully diluted one is the open question as the offering proceeds.