Anthropic’s active progress toward a November 2026 listing drives the strong market consensus, with the company having confidentially filed its S-1 in June and now targeting roadshow activity around mid-November after finalizing financing. Recent prospectus details highlight surging revenue run rates above $65 billion alongside heavy infrastructure spending on compute for models like Claude, positioning the firm ahead of rivals. In contrast, OpenAI CEO Sam Altman has explicitly ruled out a 2026 IPO, citing the need to address large language model safety and alignment before public scrutiny, while pursuing additional private funding rounds. Key catalysts ahead include Anthropic’s final prospectus release and any shifts in regulatory reviews or market conditions that could still alter timelines for either company.