Anthropic's advance toward a November 2026 IPO, with marketing eyed as soon as mid-month and a potential $2 trillion valuation, stands in sharp contrast to OpenAI's September decision to defer any listing until 2027. OpenAI CEO Sam Altman cited the need to prioritize AI safety, alignment, and regulatory coordination before facing public-market scrutiny, while the company pursues additional private funding rounds exceeding $30 billion. Anthropic's confidential filing, revenue trajectory above $100 billion annualized run rate, and infrastructure commitments have positioned it to reach public markets first, aligning with the 95.4% market-implied probability. Realistic shifts could still arise from further IPO delays tied to market volatility, SEC review of novel AI risk disclosures, or an unexpected acceleration at OpenAI if safety benchmarks improve rapidly enough to alter its timeline.