OpenAI CEO Sam Altman has publicly ruled out a 2026 IPO, citing the need to address AI safety and alignment challenges for increasingly capable large language models before facing public-market scrutiny, with the company instead pursuing additional private funding. This stance stands in sharp contrast to Anthropic’s advancing timeline, including its confidential S-1 filing, recent prospectus release detailing massive revenue growth and infrastructure commitments, and targeted November 2026 listing at a potential $2 trillion valuation. The resulting 96.5% market-implied odds reflect trader consensus that Anthropic will reach public markets first. Realistic shifts could still arise from further regulatory delays, market volatility, or an unexpected OpenAI acceleration, though current developments strongly favor Anthropic’s path.