We analytically find quantitative, non-perturbative bounds to the validity of the rotating-wave approximation (RWA) for the multi-atom generalization of the quantum Rabi model: the Dicke model. Precisely, we bound the norm of the difference between the evolutions of states generated by the Dicke model and its rotating-wave approximated counterpart, that is, the Tavis-Cummings model. The intricate role of the parameters of the model in determining the bounds is discussed and compared with numerical results. Our bounds are intrinsically state-dependent and, in particular, capture a nontrivial dependence on the total angular momentum of the initial state; this behaviour also seems to be confirmed by accompanying numerical results.