Anthropic's accelerated path to a late-2026 IPO at a targeted $1.8–2 trillion valuation underpins the 68.5% market-implied odds favoring it over OpenAI for higher closing market cap. Recent prospectus details highlight Anthropic's revenue run rate surpassing $100 billion alongside aggressive compute commitments, positioning the Claude developer for a record public debut potentially before year-end. In contrast, OpenAI's CEO has ruled out a 2026 listing due to AI safety priorities, shifting focus to a $30 billion bridge round at roughly $1.4 trillion while its own IPO slips to 2027. Traders appear to weigh Anthropic's timeline edge and private valuation momentum more heavily than OpenAI's scale in consumer AI, though execution risks around losses and regulatory scrutiny remain key swing factors.