OpenAI’s explicit shift to a 2027 IPO timeline, driven by CEO Sam Altman’s emphasis on resolving AI safety and alignment issues before public-market scrutiny, has anchored trader sentiment. The company confidentially filed its S-1 in June but has since confirmed it will not list this year, citing regulatory and operational priorities. In contrast, Anthropic filed days earlier and continues advancing toward a late-2026 debut, with recent reports pointing to a November window after prospectus release and roadshow activity. This sequencing gives Anthropic a clear path to list first at a potential multi-trillion valuation. While further regulatory or market delays could narrow the gap, current developments sustain the strong consensus around Anthropic’s earlier entry.