Anthropic and OpenAI lead trader expectations for October valuation growth due to their accelerating AI revenue trajectories and pending large-scale financings. Anthropic’s annualized run rate reached $65 billion by July with projections exceeding $100 billion by year-end, supporting IPO plans targeting above $2 trillion after its $965 billion May round. OpenAI, last marked at $852 billion, is pursuing a $1.4 trillion bridge round amid enterprise ARR nearing $70 billion and a deferred 2027 IPO. These dynamics contrast with Databricks’ more measured $190 billion August valuation on $7 billion run-rate growth, while Stripe and ByteDance show steadier but lower-momentum secondary activity. NPM price movements in the coming weeks will hinge on funding announcements and secondary trading liquidity for the two AI leaders.