OpenAI’s explicit decision to delay any IPO until at least 2027, driven by CEO Sam Altman’s emphasis on resolving AI safety and alignment challenges before scaling further, has cemented trader consensus that Anthropic will reach public markets first. Anthropic confidentially filed its S-1 in June and is actively preparing for a potential November 2026 listing on Nasdaq, with marketing eyed for mid-month after the U.S. midterms. This timeline contrast reflects OpenAI’s focus on internal safety work and private fundraising at a $1.4 trillion valuation versus Anthropic’s readiness to demonstrate revenue growth from its Claude large language models. Key catalysts ahead include Anthropic’s final roadshow and any last-minute regulatory or market shifts that could still alter either company’s schedule.