Anthropic's advanced pre-IPO preparations, including recent multi-billion-dollar funding rounds closing at valuations near $900 billion and active engagement with major banks for a potential Q4 2026 listing, are driving trader consensus toward a 67.5% probability that it reaches public markets ahead of OpenAI. The company has made faster progress on capital raises and financial infrastructure compared to its rival, which continues to navigate revenue scaling challenges, internal leadership adjustments, and a more extended banker consultation process targeting late 2026 or 2027. In the broader artificial intelligence landscape, where large language model developers compete intensely on capabilities and partnerships, these timelines reflect Anthropic's stronger near-term readiness for an initial public offering while both firms remain private. Key upcoming catalysts include any formal S-1 filings or regulatory approvals that could accelerate or delay the race.