Anthropic is expected to file its S-1 publicly as soon as next week, opening a run of AI listings that includes OpenAI behind it. PitchBook senior research analyst Harrison Rolfes joins Market Catalysts host Julie Hyman to explain what he is looking for in the filing, why compute obligations may matter more than revenue growth, and why the company that files second may end up with the better outcome. Featuring: Harrison Rolfes, Senior Research Analyst, PitchBook Julie Hyman, Host, Market Catalysts, Yahoo Finance 00:00 What the S-1 has to answer 01:12 Does the SpaceX debut tell us anything 01:48 What OpenAI learns by going second 02:24 Why Anthropic still gains by going first 03:36 Databricks, Stripe, Discord and who follows 04:48 The case for a boring, profitable listing