In Anthropic vs. OpenAI Race to IPO, First Doesn’t Necessarily Mean Best

<p>Anthropic’s filing of its initial public offering paperwork last week means the maker of Claude Code has pulled slightly ahead of OpenAI as the two go head-to-head with their planned IPOs.</p> <p>While bankers and lawyers say there are good reasons for a company to beat its rival to the public markets, especially if it fears its rival’s offering will outshine it, that won’t necessarily help the stock outperform, a review of rivaling IPOs from the last decade shows.</p>