Anthropic’s aggressive push toward a mid-November 2026 IPO, following its confidential S-1 filing in June and recent investor presentations highlighting $16.8 billion in Q3 revenue with adjusted profitability, underpins the 94.7% market-implied odds that its Claude large language model developer will list first. OpenAI has publicly ruled out a 2026 debut, with CEO Sam Altman citing AI safety priorities and shifting focus to a $30 billion private round that could value the ChatGPT maker above $1.4 trillion ahead of a 2027 target. Strong trader consensus reflects Anthropic’s concrete roadshow timeline and demonstrated revenue momentum in the competitive frontier AI space, though slippage from SEC filing deadlines, market volatility, or regulatory scrutiny could still alter the sequence.