Anthropic is emerging as a formidable contender against SpaceX in the race for the most significant initial public offering (IPO) of 2026. The artificial intelligence company is currently riding on a wave of increasing revenue and a soaring private-market valuation. Although Anthropic has not yet gone public, investor expectations are building, with speculation that it might launch its IPO as early as the fourth quarter of 2026. Reports indicate that the company’s annualized revenue could reach approximately $65 billion, marking a substantial rise from previous estimates.
In the private market, Anthropic’s valuation stands at around $1 trillion, positioning it among the world’s most valuable privately-held tech firms. This impressive growth has fueled discussions that the company might achieve an even higher valuation upon going public. SpaceX, which currently holds a dominant position following its massive IPO, is valued at around $1.78 trillion after its offering was priced at $135 per share. Although SpaceX’s shares experienced volatility post-debut, resulting in a sharp fall before stabilizing, its market value remains ahead of Anthropic’s. However, Anthropic’s rapid revenue growth could close this gap if it secures a significant valuation boost during its IPO.
The ongoing investor enthusiasm in the artificial intelligence sector could further bolster Anthropic’s position. The demand for cutting-edge AI technologies has attracted substantial private investments, raising expectations for the valuations of leading AI firms. While OpenAI is also considered a potential IPO candidate, it is not currently seen as a strong rival to SpaceX for the largest IPO of the year. The critical factor for Anthropic will be its valuation at the time of the public offering. With its current private valuation at about half of SpaceX’s market value, Anthropic would need a considerable valuation increase to surpass the space company.
Should Anthropic’s revenue trajectory continue its rapid ascent, and if investors attribute a significantly higher valuation at the IPO, the company could potentially outshine SpaceX as the largest IPO of 2026. For now, SpaceX maintains its lead, yet Anthropic is increasingly capturing attention as one of the most anticipated IPO candidates of the year.