OpenAI's Confidential S-1 Filing on May 22 Targets Q4 2026 Listing; Anthropic $900B Valuation Leads

OpenAI filed a confidential S-1 with the SEC on May 22 targeting a Q4 2026 listing at $852 billion to $1 trillion valuation, according to EnterpriseDNA. Anthropic's May 2026 private valuation reached $900 billion, with April annualized revenue of $43 billion versus OpenAI's estimated sub-$30 billion run-rate, per Sacra and TechTimes. Prediction market Polymarket priced a 96% probability that Anthropic would surpass OpenAI's valuation by year-end 2026, with a 75.5% probability OpenAI lists first.
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