O/ Getting anxious, trying to steal A/ the spotlight According to Reuters, OpenAI wants to raise about $30 billion before Anthropic's mid-November IPO, with a valuation exceeding $1.4 trillion—roughly 28 times its annualized revenue of $5 billion. Anthropic, with an annualized revenue of about $6.7 billion, is targeting a $1.5 trillion IPO valuation, which is only 22 times. Lower revenue, higher multiple. The rush to go first is because once Anthropic goes public, there will be a clear benchmark for how much generative AI companies are worth relative to their revenue, and it’ll be harder to sell the story. So, on the day Anthropic rings the bell, will it back OpenAI up or slap them in the face on the spot?