Altman says listing in 2026 would be ill-advised given the state of safety work, parking the S-1 OpenAI filed confidentially in June - which also spares it from explaining its rogue-agent incidents in securities filings while Anthropic heads for a $2 trillion float.

Reuters says Anthropic wants to raise $100bn at about $2 trillion before the midterms, with up to $10bn of it from the chipmaker whose GPUs it buys - an anchor order from its own supplier.

Thune, Cruz and Klobuchar are negotiating a duty of care that would let Washington bar an unsafe frontier model, with national-lab experts testing for nuclear and biological uplift and a court challenge as the only appeal - three Senate voting weeks remain before the midterms.