Anthropic is positioning itself as a formidable competitor to SpaceX in the contest for the largest initial public offering (IPO) of 2026. The artificial intelligence firm’s escalating revenue and soaring private-market valuation are fueling speculation of a significant public debut. Though Anthropic hasn’t yet entered public trading, the rising expectations among investors hint at a potential IPO as early as the fourth quarter of 2026. Reports indicate its annualized revenue could hit around $65 billion, marking a substantial leap from previous projections.
Currently valued at approximately $1 trillion in private markets, Anthropic ranks among the world’s most valuable privately held technology companies. This rapid ascent has sparked conjecture that the company might achieve an even higher valuation when it goes public. In contrast, SpaceX, which already made a massive public offering in 2026, is leading the IPO race. The space exploration giant’s IPO was priced at $135 per share, initially valuing the company at around $1.78 trillion. SpaceX’s shares initially surged, lifting its valuation above $2 trillion before experiencing notable volatility and subsequent recovery, reflecting investor uncertainties about its high valuation and future financial commitments.
While SpaceX currently maintains a lead over Anthropic in market value, the swift revenue growth of the AI company could close this gap, especially if it secures a significantly higher valuation upon going public. Anthropic stands to gain from the ongoing investor enthusiasm surrounding artificial intelligence, as the demand for advanced AI systems continues to draw substantial private investments. This trend raises expectations for higher valuations of top AI firms.
OpenAI is another potential candidate for an IPO, though it is not currently seen as a primary contender against SpaceX for the largest IPO of the year. Anthropic’s valuation at the time of its offering will be a crucial factor in determining its position. With a current private valuation at about half of SpaceX’s market value, Anthropic would need a significant valuation boost to surpass the space company.
For now, SpaceX retains the lead, but Anthropic is increasingly under the spotlight as one of the most closely watched potential IPO candidates of 2026. If the company continues its rapid revenue growth and investors assign it a substantially higher valuation at IPO, Anthropic could potentially overtake SpaceX and claim the title of the biggest IPO of the year.