1. OpenAI first

2. Anthropic first

3. Neither trades in 2026

Resolution terms:

• “Trades publicly” = the company’s shares begin regular-session trading on a major public exchange (NYSE/Nasdaq or equivalent). Traditional IPO or direct listing both count.

• Resolves to whichever company’s first regular-session trade occurs first. If both debut the same day, resolve by earlier opening-trade timestamp per exchange records.

• A listing of a parent or successor entity counts if it is the primary public vehicle for that company’s business (relevant if restructuring changes the entity name).

• Outcome 3 resolves YES if neither has begun trading by 11:59 PM ET December 31, 2026. If exactly one has traded by then, that company wins regardless of what happens in 2027.

• Announcement of pricing, roadshows, or S-1 effectiveness do not count — only actual trading.