Anthropic’s October 26 S-1 filing and confirmed Nasdaq listing plans under ticker ANT as early as mid-November drive the 98% market-implied odds it will reach public markets first. The company behind the Claude large language model reported $16.3 billion in first-half 2026 revenue alongside substantial losses and detailed AI safety risks, positioning the offering as one of the largest ever. OpenAI, by contrast, has deferred any IPO until 2027, with CEO Sam Altman citing the need to address artificial intelligence safety and alignment concerns before going public while pursuing a private funding round near $1.25–1.4 trillion valuation. Traders view limited near-term catalysts for OpenAI acceleration, though regulatory scrutiny, market volatility, or unexpected timeline shifts remain realistic variables that could still influence the outcome.