Anthropic targets $2T+ valuation for October 2026 IPO; OpenAI counters with 2027 IPO target

Anthropic investors eye $2T+ valuation for potential October IPO, projecting $100-120B ARR by year-end. Q2 2026 revenue hit $11.5B (14x YoY), $47B run-rate; now $65B run-rate, surpassing OpenAI. Anthropic seeks $1B+ loans. OpenAI now targets 2027 IPO, with $40B run rate, CFO reassuring staff. The revenue gap (Anthropic nearly double) and executive churn raise questions about OpenAI's stability. Risks include Commerce ban, Trump admin disputes, and competition from Chinese alternatives.