Anthropic is positioning itself as a formidable contender to SpaceX in the race for the largest initial public offering (IPO) of 2026. The artificial intelligence company, although not yet publicly traded, is experiencing a surge in both revenue and private-market valuation. Reports indicate that Anthropic’s annualized revenue could hit approximately $65 billion, marking a significant uptick from prior projections. Currently, the company is valued at around $1 trillion in private markets, placing it among the most valuable privately held tech firms globally. This rapid expansion has fueled speculation that Anthropic might achieve an even higher valuation once it goes public.
SpaceX has already secured a strong foothold in the 2026 IPO landscape following its colossal public offering. The company debuted at $135 per share, with an initial valuation of about $1.78 trillion. Although its shares saw substantial gains post-market entry—briefly pushing its valuation above $2 trillion— the stock later encountered marked volatility. The subsequent decline and recovery of SpaceX’s shares reflect ongoing investor uncertainty regarding its lofty valuation and future expenditure needs. Despite this, SpaceX remains ahead of Anthropic in market value, but the latter’s swift revenue growth could potentially bridge this gap if Anthropic achieves a significantly higher valuation at its IPO.
The burgeoning interest in artificial intelligence could serve as a catalyst for Anthropic’s IPO success. The escalating demand for sophisticated AI technologies has attracted significant private investments, heightening expectations for the valuations of leading AI entities. While OpenAI is also viewed as a potential IPO prospect, it is not currently seen as a major rival to SpaceX for 2026’s largest IPO. A critical determinant for Anthropic will be its valuation at the time of its official offering announcement. Though its present private valuation stands at nearly half of SpaceX’s market value, a substantial valuation boost at IPO could enable Anthropic to surpass the space giant.
For now, SpaceX retains its lead, but with Anthropic’s remarkable growth trajectory, it is emerging as one of the most anticipated IPO candidates for 2026. If Anthropic’s revenue expansion persists and investors ascribe a considerably higher valuation to it during its market debut, the company could potentially eclipse SpaceX, claiming the title of the largest IPO of the year. This makes Anthropic a company to watch closely as both the AI industry and IPO landscape continue to evolve.