The IPO Race: Anthropic's Pledge vs OpenAI's $30B Sprint

The money behind the week's trend: on October 18, Anthropic committed 5% of its shares (~$48B at its May $965B valuation) to a public-benefit fund ahead of an expected mid-November IPO — with a valuation escalator and ~20% total including co-founder and employee pledges, pending stockholder approval. (Anthropic — Dario Amodei's company, not Altman's.) Days later, Reuters reported OpenAI rushing to secure ~$30B at a $1.4T+ valuation before Anthropic lists, with SoftBank, Abu Dhabi's MGX, and BlackRock in talks. Sourced reporting, not an announced close.

Key facts

Anthropic's pledge (Oct 18, 2026): 5% of shares into a wholly owned LLC (not a charity), +2% per 50% valuation rise, ~20% total with pledges; needs stockholder approval; IPO expected mid-November, before US Thanksgiving.
Attribution: this is Anthropic / Dario Amodei — not Sam Altman or OpenAI.
Reuters (Oct 19–20): OpenAI rushing ~$30B at $1.4T+ ahead of Anthropic's IPO; SoftBank, MGX, BlackRock in talks; OpenAI held sovereign-wealth meetings the prior week; annualized revenue run rate approaching $70B.
Context: OpenAI's last round was March 2026 — $122B at $852B post-money; a 2027 listing is planned. All round figures are sourced reporting; OpenAI and SoftBank declined to comment.