In the race to claim the title of the biggest initial public offering (IPO) of 2026, Anthropic is emerging as a formidable contender to SpaceX. The artificial intelligence company, which is yet to be publicly traded, is witnessing a surge in both revenue and private-market valuation. As per investor expectations, Anthropic might consider going public by the fourth quarter of 2026. The company is on track to achieve an annualized revenue of approximately $65 billion, marking a substantial rise from earlier projections.
Anthropic’s valuation in private markets stands at about $1 trillion, placing it among the elite ranks of the world’s most valuable privately held technology firms. This rapid growth has fueled speculation that the company might secure an even higher valuation upon launching its IPO. This development positions Anthropic as a potential rival to SpaceX, which currently dominates the IPO landscape following its significant public offering.
SpaceX made a strong market entry with its IPO priced at $135 per share, resulting in an initial valuation of approximately $1.78 trillion. The company’s shares soared post-debut, pushing its valuation beyond $2 trillion. However, the stock later experienced notable volatility, reflecting persistent investor uncertainties regarding its massive valuation and future expenditures. Despite these fluctuations, SpaceX still maintains a lead over Anthropic in terms of market value.
The growing enthusiasm around artificial intelligence could serve as a catalyst for Anthropic, as the sector continues to attract significant private investment. This trend elevates expectations for AI companies’ valuations, and Anthropic is well-positioned to benefit. While OpenAI is also a potential candidate for an IPO, it is not currently seen as a strong challenger to SpaceX’s position for the largest IPO of the year.
The critical determinant for Anthropic will be its valuation at the time of its IPO announcement. With a current private valuation around half of SpaceX’s market value, Anthropic would require a significant boost to surpass the space giant. Should its revenue growth persist and investors assign a higher valuation at IPO, Anthropic could potentially overtake SpaceX. For now, SpaceX remains at the forefront, but Anthropic is rapidly becoming one of the most anticipated IPO candidates of 2026.
