AI IPO race and frontier-lab valuation surge

Anthropic is reportedly preparing for a possible November Nasdaq IPO at a rumored $1T-$2T valuation after rapid revenue growth and a first profitable quarter. Its prospectus reportedly details heavy infrastructure spending, customer concentration, losses, model-risk warnings, and founder efforts to retain 50.1% voting control; OpenAI continues to avoid a 2026 IPO despite a reported $1.2T valuation.