Anthropic’s accelerated revenue trajectory and imminent IPO path are driving the 70.5% market-implied probability it will post greater valuation growth than OpenAI by late October 2026. In Q2 2026, Anthropic reported $11.6 billion in revenue—more than doubling its prior quarter and surpassing OpenAI’s $6.7 billion—fueled by enterprise adoption of Claude models, pushing its annualized run rate above $46 billion and toward $65 billion by July. Its leaked S-1 targets a public valuation above $2 trillion from a May 2026 private mark of $965 billion, with secondary trading already implying $1.1–1.58 trillion. OpenAI, valued at $852 billion after its March round, is pursuing a $30 billion bridge raise near $1.4 trillion while delaying its IPO to 2027 amid widening losses and safety priorities. These dynamics position Anthropic for sharper near-term price discovery.