Anthropic’s active preparations for a November 2026 Nasdaq listing, including confidential SEC filings, a detailed prospectus outlining surging revenue run rates above $65 billion and projected 2028 figures near $200 billion, and roadshow plans starting mid-month, contrast sharply with OpenAI’s explicit deferral. CEO Sam Altman stated in September that a 2026 IPO would be ill-advised amid priorities for AI safety, alignment, and capability scaling, shifting OpenAI’s timeline into 2027 while it pursues additional private funding. This divergence, reinforced by Anthropic’s larger recent private valuation and infrastructure commitments, underpins the 96.5% market-implied odds. Potential shifts could arise from regulatory reviews, market volatility around midterms, or further safety-driven pauses, though current momentum favors Anthropic completing first.