Anthropic’s advanced IPO timeline, with marketing eyed for mid-November and a targeted $1.8–2 trillion valuation backed by surging revenue run rates exceeding $100 billion annualized, drives the 68.5% market-implied odds favoring it over OpenAI for higher IPO closing market cap. OpenAI’s CEO has explicitly ruled out a 2026 listing due to AI safety priorities, shifting focus to a bridge private round at roughly $1.4 trillion while its revenue approaches $70 billion. These developments position Anthropic to reach public markets first at a materially larger scale, though both face heavy compute costs and execution risks that could still alter final outcomes.