Anthropic’s active IPO preparations and targeted November 2026 listing drive the overwhelming market consensus that it will reach public markets ahead of OpenAI. The company confidentially filed its prospectus earlier this year, is finalizing a large credit facility, and plans to begin formal marketing in mid-October or later while presenting strong third-quarter results, positioning it for a potential $2 trillion valuation and $100 billion raise. In contrast, OpenAI CEO Sam Altman has publicly stated the firm will not pursue an IPO in 2026, prioritizing AI safety and alignment work amid rapid large language model advances before considering a 2027 debut. Upcoming catalysts include Anthropic’s roadshow timing and any shifts in OpenAI’s safety assessments that could alter its private fundraising trajectory.