Anthropic, a leading AI technology company known for its popular coding tools, is facing a series of challenges ahead of a potential IPO that could value the company near $800 billion. The company has been dealing with a range of issues including a model backlash and a capacity crunch. Perceived declines in Opus 4.6 performance led to accusations of downgrading its flagship model and a new model that outperformed its predecessor Opus. A software update accidentally exposed internal Claude Code files, raising questions about its internal safeguards, and some users discovered that Claude Code was no longer available on the $20/month Pro plan, potentially affecting both its most popular product and its most accessible tier. Meanwhile, OpenAI is positioning itself as the steadier alternative ahead of rival IPOs. The two companies are competing in a race to define the enterprise AI market and to convince investors they deserve massive IPO valuations.