Anthropic’s $965 billion May 2026 Series H valuation and accelerating revenue run rate above $65 billion underpin the 92.5% market-implied odds it will hold a higher valuation than OpenAI on December 31. Traders are pricing in Anthropic’s near-term IPO targeting above $2 trillion, which would likely clear before year-end, versus OpenAI’s $852 billion March round and postponed 2027 listing. OpenAI’s bridge financing talks at roughly $1.4 trillion pre-money remain contingent and smaller in scale. Key swing risks include execution on Anthropic’s IPO pricing or a surprise OpenAI round that closes above current levels before resolution.