Anthropic's advanced IPO preparations, including its confidential SEC filing in June and recent prospectus details showing surging revenue run rates above $65 billion with projections toward $100 billion by year-end, drive the market's 96.5% implied probability that it lists before OpenAI. The company targets marketing as soon as mid-October and a November Nasdaq debut at a potential $2 trillion valuation, positioning it ahead in the frontier AI race. In contrast, OpenAI CEO Sam Altman has publicly stated the firm will delay its IPO until 2027 to address AI safety and alignment concerns for increasingly capable large language models, prioritizing these over near-term public market access. Realistic scenarios that could alter the outcome include further Anthropic delays from regulatory reviews, market volatility, or infrastructure cost scrutiny, or an accelerated OpenAI timeline if safety benchmarks improve faster than expected.