Anthropic's advancing IPO process, including its confidential S-1 filing in June and recent prospectus details showing surging revenue run rates above $65 billion alongside plans for a $15 billion credit facility, drives the 95.3% market-implied odds that it will list before OpenAI. In contrast, OpenAI CEO Sam Altman has explicitly ruled out a 2026 debut, citing the need to prioritize AI safety and alignment for increasingly capable large language models before facing public-market pressures, with the company instead pursuing a private bridge round at around $1.4 trillion valuation. While trader consensus reflects these clear timelines, realistic shifts could arise from further Anthropic delays tied to regulatory reviews or market conditions, or an accelerated OpenAI path if safety benchmarks advance faster than anticipated.