Anthropic's market-implied odds of 92% for holding the higher valuation by December 31 reflect its accelerated path to a public listing, with IPO filings targeting up to $2 trillion amid a July 2026 revenue run rate exceeding $65 billion. This contrasts with OpenAI's $852 billion March 2026 post-money valuation and ongoing talks for a bridge round near $1.4 trillion ahead of a 2027 IPO. Traders price in Anthropic's faster private-market momentum and enterprise revenue trajectory as key differentiators, though both firms face substantial compute costs and execution risks that could alter multiples if revenue growth moderates or investor sentiment shifts before year-end.