OpenAI is preparing to file for an initial public offering (IPO) in the coming weeks, a move that could sharpen its competitive edge in the AI race, spurring a massive reversal in prediction markets. The OpenAI IPO market shot up 53 cents to 83¢ while Anthropic's odds collapsed 59 cents to just 24¢ — the largest swing in today's data.

Traders on Kalshi now see OpenAI as the favorite to go public before Anthropic, giving it an 83% chance of getting the big payday first. This dramatic flip reflects reports that company executives had previously targeted a listing in the fourth quarter of this year or later, but are now accelerating timelines. "Getting to public markets first is very important, given this arms race going on," said Dan Ives, Wedbush Securities' global head of technology research.