Anthropic's advanced IPO timeline and targeted $1.8–2 trillion valuation drive the 68.5% market-implied odds favoring it over OpenAI for a higher closing market cap. The Claude developer plans to begin marketing its listing as early as mid-November 2026, backed by a May 2026 private round at $965 billion and an annualized revenue run rate exceeding $65 billion that analysts project could top $100 billion by year-end. In contrast, OpenAI has deferred its public debut to 2027 amid CEO Sam Altman's emphasis on AI safety priorities, instead pursuing a $30 billion bridge round at around $1.4 trillion. This positions Anthropic to set the initial public benchmark while OpenAI's revenue growth, though strong near $70 billion run rate, trails in timing and leaves greater uncertainty around its eventual IPO scale.