After officially launching its IPO roadshow, Anthropic has added Japan to its fundraising lineup: it filed with Japan’s Ministry of Finance, planning to sell 38.5 million to 50 million shares at an indicative price of $70 to $78 per share, targeting $3 billion to $3.5 billion.

This is an “unlisted public offering,” aimed at Japanese household savings, with Mizuho serving as coordinator. Based on the shares in circulation listed in the filing, the valuation is about $1 trillion, or roughly $1.4 trillion on a fully diluted basis.

For a company that hasn’t gone public yet to float a valuation on this scale means pricing power largely rests with the underwriters and the narrative. The key things to watch are simple: whether demand for this round in Japan is oversubscribed or just fully covered, and where the post-roadshow pricing lands within the range.