Anthropic’s public S-1 filing on October 26, 2026, and confirmed plans for a Nasdaq listing under ticker ANT as early as mid-November drive the 96.7% market-implied odds that it will reach public markets ahead of OpenAI. The company has disclosed explosive revenue growth to $16.3 billion in the first half of 2026 alongside substantial losses and AI safety risks, positioning the offering as one of the largest ever. In contrast, OpenAI has explicitly deferred its IPO to 2027, with CEO Sam Altman citing the need to address artificial intelligence safety and alignment before going public, while accelerating a $30 billion private round at roughly $1.25–1.4 trillion valuation. Traders see limited near-term catalysts for OpenAI to accelerate, though regulatory scrutiny, market volatility, or unexpected shifts in either company’s timeline could still alter the outcome.