Anthropic’s accelerated IPO preparations, including confidential SEC filings, banker meetings with Morgan Stanley and Goldman Sachs, and a targeted November 2026 listing supported by surging revenue projections exceeding $100 billion annualized, drive the 94.8% market-implied probability that it will reach public markets ahead of OpenAI. Trader consensus reflects Anthropic’s concrete timeline amid strong investor appetite for AI firms, while OpenAI CEO Sam Altman has publicly stated a 2026 debut would be ill-advised due to AI safety priorities, shifting focus to 2027. Potential challenges include Anthropic encountering regulatory delays or market volatility that could push its window later, or unexpected shifts in OpenAI’s strategy that accelerate its process.