Anthropic is positioning itself as a formidable contender against SpaceX in the race to secure the largest initial public offering (IPO) of 2026. With its revenue figures climbing and private-market valuation on the rise, the artificial intelligence company is drawing significant attention. Although Anthropic has yet to go public, mounting investor anticipation hints that a public debut could be on the horizon as early as the fourth quarter of 2026. The company’s annualized revenue is projected to soar to approximately $65 billion, marking a notable uptick from earlier predictions.
In the private market, Anthropic boasts a valuation near $1 trillion, placing it among the elite ranks of the world’s most highly valued privately held tech firms. This swift ascension has fueled speculation that the company could achieve an even loftier valuation upon launching its IPO. Currently, SpaceX holds a dominant position in the 2026 IPO landscape following its own substantial public offering. Initially priced at $135 per share, SpaceX’s IPO resulted in an initial valuation of around $1.78 trillion.
Following its market debut, SpaceX shares surged, briefly elevating the company’s valuation beyond $2 trillion before experiencing marked fluctuations. The stock’s subsequent decline and recovery underscore ongoing investor concerns regarding its hefty valuation and future expenditure needs. Despite SpaceX’s current lead over Anthropic in terms of market value, Anthropic’s brisk revenue expansion could potentially bridge this gap, should its IPO valuation substantially exceed expectations.
Anthropic stands to gain from the ongoing wave of investor enthusiasm for artificial intelligence, a sector that continues to attract vast sums of private investment. This heightened interest boosts the anticipated valuations of leading AI enterprises. OpenAI is also in the mix as a possible IPO candidate, though it is not presently seen as the top rival to SpaceX for the year’s largest IPO.
The pivotal factor for Anthropic will be the valuation it secures when officially announcing its offering. With its current private valuation at about half of SpaceX’s market worth, Anthropic would require a significant valuation increase to surpass the space company. Should the company’s revenue growth remain robust and investors reward it with a considerably higher valuation at IPO, Anthropic could potentially eclipse SpaceX to capture the title of the biggest IPO of 2026. Although SpaceX presently leads the pack, Anthropic is swiftly emerging as one of the most eagerly watched IPO prospects of the year.