Anthropic leads the market-implied odds at 68.5% for a higher IPO closing market cap due to its imminent listing timeline and stronger financial trajectory relative to OpenAI. The company confidentially filed its S-1 in June and targets a debut potentially valued above $2 trillion, more than double its May 2026 private mark of $965 billion, backed by annualized revenue run rates surpassing $47 billion and climbing toward $65 billion alongside its first projected operating profit. OpenAI, valued at $852 billion in its March round, has delayed any public offering until at least 2027 amid AI safety priorities and is pursuing bridge financing around $1.4 trillion instead. This sequencing gives Anthropic the first-mover advantage in setting a benchmark for frontier AI valuations before OpenAI reaches public markets.