Recent funding activity and shifting investor sentiment have positioned Anthropic to maintain a higher valuation than OpenAI by year-end. OpenAI closed an $11 billion tranche of its latest round at a $1.25 trillion pre-money valuation on November 6, well below initial $1.4 trillion targets, after scaling back amid a broader AI sector selloff and concerns over infrastructure spending. This follows its March 2026 round at $852 billion. In contrast, Anthropic’s May 2026 Series H priced it at $965 billion, with S-1 filings and IPO discussions now centering on $1.2–1.5 trillion ranges—supported by Q3 revenue of $17 billion and strong run-rate growth—despite some pullback from earlier $2 trillion aspirations. Traders’ 86.5% implied probability for Anthropic reflects these near-term catalysts, including the imminent IPO pricing window, while acknowledging risks from macroeconomic pressures on tech multiples and potential last-minute revisions.