Anthropic’s accelerated IPO timeline, with confidential filing in June and marketing eyed for mid-November targeting an $1.8–2 trillion valuation, underpins the 68.5% market-implied odds favoring it over OpenAI for higher closing market cap. The Claude developer’s revenue run rate reached $65 billion by July 2026 and is projected above $100 billion by year-end, backed by $518 billion in compute commitments and a May private valuation of $965 billion. In contrast, OpenAI pushed its debut to 2027 citing AI safety and alignment priorities, while pursuing a $30 billion bridge round at roughly $1.4 trillion. This timing gap, combined with Anthropic’s faster revenue trajectory and earlier public debut, shapes trader consensus around capitalizing on current AI infrastructure demand before potential shifts in market conditions or regulatory scrutiny.