AI IPO odds for OpenAI, Anthropic, xAI, and frontier labs

This market will resolve to "Yes" if Anthropic shares are listed on a public securities exchange and open for trading by 11:59 PM ET on the listed date. Otherwise, this market will resolve to "No." If Anthropic is acquired by another company that is already public, this market will immediately resolve to "No." The primary resolution source for this market is official filings and announcements from Anthropic and the relevant securities exchange on which the shares are listed, including SEC filings (e.g., Form S-1, Form 8-A), exchange listing confirmations, and official press releases from Anthropic; however a consensus of credible reporting may also be used.

This market will resolve to the company that achieves the highest market capitalization in U.S. dollars based on the official closing price on its first trading day in 2026. This market will resolve to a company that completes an Initial Public Offering (IPO) between January 1 and December 31, 2026, 11:59 PM ET. Market capitalization is defined as the total number of outstanding shares multiplied by the closing share price on the first trading day. If two or more companies have exactly equal highest closing market capitalizations, this market will resolve to the company whose listed name comes first alphabetically. Resolution will be based on the primary exchange’s official listing page. In the event that the relevant figure is not displayed, another reliable source will be used. In case the respective company's primary exchange’s official listing page does not report in U.S. dollars, it will be converted to U.S. dollars using the U.S. Federal Reserve Board’s H.10 foreign exchange reference rate for the relevant currency pair on the company’s first trading day (https://www.federalreserve.gov/releases/h10/). If no such rate is available for the relevant trading day, the most recent previously published rate will be used. If the relevant currency is not listed, another credible exchange rate source will be used. A listed company may resolve to "No" as soon as it becomes unable to complete an IPO, including due to acquisition, merger, or absorption by an entity that is already publicly traded. In the event of an interruption in the course of the normal trading session on the respective companies’ first day of trading (e.g., a circuit breaker or half-day), the market will resolve according to the official closing price of the abbreviated session. If no such official closing price is published, the market will resolve according to the next trading day on which an official closing price is published, treating that as the first day of trading for purposes of this market.

This market will resolve based on Anthropic's market capitalization at the closing price on its first day of trading. If no IPO occurs by December 31, 2027, 11:59 PM ET, the market will resolve to "No IPO by December 31, 2027". Market capitalization expresses the monetary value of a company’s outstanding shares, stated in its pricing currency. It is calculated as the number of shares outstanding multiplied by the closing share price on the first trading day. If the relevant value falls exactly between two brackets, then this market will resolve to the higher range bracket. Resolution will be based on the primary exchange’s official listing page. In the event that the relevant figure is not displayed, another reliable source will be used. In the event of an interruption in the course of the normal trading session on Anthropic’s first day of trading (e.g., a circuit breaker or half-day), the market will resolve according to the official closing price of the abbreviated session. If no such official closing price is published, the market will resolve according to the next trading day on which an official closing price is published, treating that as the first day of trading for purposes of this market.

This market will resolve based on Anthropic's market capitalization at the closing price on its first day of trading. If no IPO occurs by December 31, 2027, 11:59 PM ET, the market will resolve to "No IPO by December 31, 2027". Market capitalization expresses the monetary value of a company’s outstanding shares, stated in its pricing currency. It is calculated as the number of shares outstanding multiplied by the closing share price on the first trading day. If the relevant value falls exactly between two brackets, then this market will resolve to the higher range bracket. Resolution will be based on the primary exchange’s official listing page. In the event that the relevant figure is not displayed, another reliable source will be used. In the event of an interruption in the course of the normal trading session on Anthropic’s first day of trading (e.g., a circuit breaker or half-day), the market will resolve according to the official closing price of the abbreviated session. If no such official closing price is published, the market will resolve according to the next trading day on which an official closing price is published, treating that as the first day of trading for purposes of this market.

This market will resolve based on the calendar month (ET) in which Anthropic's initial public offering (IPO) occurs. The resolving month will be the calendar month (ET) containing the first day on which Anthropic shares are listed and open for regular-way trading on a public securities exchange. An IPO refers to Anthropic shares becoming listed and open for trading on a public securities exchange, whether through a traditional initial public offering or a direct listing. If Anthropic goes public through a merger, acquisition, or absorption by an entity that is already publicly traded, including a special purpose acquisition company, this market will resolve to "No IPO before 2028". If no IPO occurs by December 31, 2027, 11:59 PM ET, the market will resolve to "No IPO before 2028". Announcements, filings, or scheduling of an IPO will not suffice; this market will resolve after public trading has begun. Resolution will be based on information from the primary exchange.

This market will resolve based on OpenAI's market capitalization at the closing price on its first day of trading. If no IPO occurs by December 31, 2026, 11:59 PM ET, the market will resolve to "No IPO by December 31, 2026". Market capitalization expresses the monetary value of a company’s outstanding shares, stated in its pricing currency. It is calculated as the number of shares outstanding multiplied by the closing share price on the first trading day. If the relevant value falls exactly between two brackets, then this market will resolve to the higher range bracket. Resolution will be based on the primary exchange’s official listing page. In the event that the relevant figure is not displayed, another reliable source will be used. In the event of an interruption in the course of the normal trading session on OpenAI’s first day of trading (e.g., a circuit breaker or half-day), the market will resolve according to the official closing price of the abbreviated session. If no such official closing price is published, the market will resolve according to the next trading day on which an official closing price is published, treating that as the first day of trading for purposes of this market.

This market will resolve based on Anthropic's market capitalization at the closing price on its first day of trading. If no IPO occurs by December 31, 2027, 11:59 PM ET, the market will resolve to "No IPO by December 31, 2027". Market capitalization expresses the monetary value of a company’s outstanding shares, stated in its pricing currency. It is calculated as the number of shares outstanding multiplied by the closing share price on the first trading day. If the relevant value falls exactly between two brackets, then this market will resolve to the higher range bracket. Resolution will be based on the primary exchange’s official listing page. In the event that the relevant figure is not displayed, another reliable source will be used. In the event of an interruption in the course of the normal trading session on Anthropic’s first day of trading (e.g., a circuit breaker or half-day), the market will resolve according to the official closing price of the abbreviated session. If no such official closing price is published, the market will resolve according to the next trading day on which an official closing price is published, treating that as the first day of trading for purposes of this market.

This market will resolve to "Anthropic" if Anthropic completes an Initial Public Offering (IPO) before OpenAI completes an IPO by December 31, 2027, 11:59 PM ET, as confirmed by official company announcements and credible news sources. This market will resolve to "OpenAI" if OpenAI completes an Initial Public Offering (IPO) before Anthropic completes an IPO by December 31, 2027, 11:59 PM ET, as confirmed by official company announcements and credible news sources. This market will resolve 50-50 if: - Neither company completes an Initial Public Offering (IPO) by December 31, 2027, 11:59 PM ET; - Both companies complete an IPO on the same calendar date (ET); or - By December 31, 2027, 11:59 PM ET, both companies become unable to complete an IPO, including due to acquisition, merger, or absorption by an entity that is already publicly traded. The IPO refers to the first sale of stock by the listed company to the public on any recognized stock exchange. The resolution source for this market is a consensus of credible reporting.

This market will resolve according to the implied equity valuation of Anthropic at its initial public offering (IPO) price. Anthropic refers to Anthropic PBC or the corporate successor or parent holding company whose listing represents Anthropic's business. The IPO price will be the final offering price to the public as stated in the final prospectus filed with the U.S. Securities and Exchange Commission. Trading prices after listing, including the opening trade, intraday prices, or closing price on the first day of trading, will not be considered. Indicated or preliminary price ranges, including any ranges disclosed in earlier filings or amendments, will not be considered. The IPO valuation will be determined in the following order of precedence: (1) the implied fully diluted valuation at the final IPO price, as stated in the final prospectus or in an official Anthropic announcement; (2) if no such figure is stated, the final IPO price per share multiplied by the total number of shares outstanding on a fully diluted basis as disclosed in the final prospectus, where the fully diluted count includes all outstanding shares of every class and all shares underlying outstanding options, restricted stock units, warrants, and convertible instruments, regardless of vesting or exercise status and without applying the treasury stock method; (3) if the fully diluted share count cannot be determined from the final prospectus, the implied fully diluted IPO valuation as reported by a consensus of credible reporting. If the determined valuation falls exactly on a boundary between two ranges, this market will resolve to the higher range. If Anthropic's IPO has not priced by December 31, 2027, 11:59 PM ET, the market will resolve to "No IPO by December 31, 2027". If the IPO prices by the deadline, the market will resolve according to the final prospectus even if it is published after the end date. If Anthropic becomes publicly traded without a priced initial public offering, including through a direct listing or through a merger, acquisition, or absorption by an entity that is already publicly traded, this market will resolve to "No IPO by December 31, 2027". The primary resolution source will be the final prospectus filed with the SEC; however, a consensus of credible reporting may also be used.

This market will resolve to “Yes” if credible reporting confirms that any entity enters into an agreement to acquire Anthropic by December 31, 2026, 11:59 PM ET. Otherwise, this market will resolve to “No”. Mergers where Anthropic is subsumed by another entity will count toward a "Yes" resolution. An announced agreement between Anthropic and an acquiring entity will qualify for a “Yes” resolution, regardless of whether the acquisition is ultimately completed. The primary resolution source for this market is official information from Anthropic and/or its leadership, however a consensus of credible reporting will also be used.

This market will resolve to "Yes" if the official closing price for Anthropic's market capitalization on its first trading day is above the value specified in the title. Otherwise, it will resolve to "No". If no IPO occurs by December 31, 2027, 11:59 PM ET, this market will resolve to "No". Market capitalization expresses the monetary value of a company’s outstanding shares, stated in its pricing currency. It is calculated as the number of shares outstanding multiplied by the closing share price on the first trading day. Resolution will be based on the primary exchange's official listing page. In the event that the relevant figure is not displayed, another reliable source will be used. In the event of an interruption in the course of the normal trading session on Anthropic’s first day of trading (e.g., a circuit breaker or half-day), the market will resolve according to the official closing price of the abbreviated session. If no such official closing price is published, the market will resolve according to the next trading day on which an official closing price is published, treating that as the first day of trading for purposes of this market.

This market will resolve to "Anthropic" if the official closing price for Anthropic's market capitalization on its first trading day is above the official closing price for OpenAI's market capitalization on its first trading day. This market will resolve to "OpenAI" if the official closing price for OpenAI's market capitalization on its first trading day is above the official closing price for Anthropic's market capitalization on its first trading day. This market will resolve to the company that completes an Initial Public Offering (IPO) by December 31, 2028, 11:59 PM ET, if the other company does not complete an IPO within the market timeframe. This market will resolve to the IPOed company as soon as it becomes impossible for the other company to complete an IPO within the market timeframe, including due to acquisition, merger, or absorption by an entity that is already publicly traded. This market will resolve 50-50 if: - Neither IPO occurs by December 31, 2028, 11:59 PM ET. - Both Anthropic and OpenAI complete an IPO within this market's timeframe, and their IPO closing market capitalizations are exactly equal. - Both companies become unable to complete an IPO, including due to acquisition, merger, or absorption by an entity that is already publicly traded. Market capitalization expresses the monetary value of a company’s outstanding shares, stated in its pricing currency. It is calculated as the total number of outstanding shares, multiplied by the official closing share price of the publicly traded class on the first trading day. If necessary, to accurately capture the company’s total market capitalization, rather than a stock-class-specific market capitalization, the calculation will include all outstanding share classes and apply any stated conversion ratios to the publicly traded class. Where no conversion right exists, such shares will be counted at their stated outstanding amount without discount, unless official filings explicitly specify differently. The number of outstanding shares will be determined from official company filings or disclosures (e.g., SEC filings). The closing share price on the first trading day will be determined from the primary exchange’s official listing page. In the event of an interruption in the normal trading session on the specified company’s first day of trading (e.g., a circuit breaker or half-day), the market will resolve according to the official closing price of the abbreviated session. If no such official closing price is published, the market will resolve according to the next trading day on which an official closing price is published, treating that day as the first day of trading for the purposes of this market.