Anthropic is rapidly positioning itself as a formidable contender to SpaceX in the race for the most significant initial public offering (IPO) of 2026. As the artificial intelligence firm’s revenue and private-market valuation soar, anticipations are growing that it may go public by the fourth quarter of 2026. Reports suggest that Anthropic’s annualized revenue could soon reach approximately $65 billion, indicating a substantial rise from prior projections. Currently valued at around $1 trillion in the private market, Anthropic stands among the world’s most valuable privately held tech companies, heightening speculation that it could secure an even greater valuation with an IPO.
SpaceX, meanwhile, holds a commanding position in the 2026 IPO arena following its own massive public offering. The company initially priced its IPO at $135 per share, which set its initial valuation at approximately $1.78 trillion. Following a strong market debut, SpaceX’s valuation surged past $2 trillion, though it later encountered significant stock volatility. This rollercoaster performance reflects ongoing investor uncertainty about the company’s lofty valuation and extensive future spending needs. Despite these fluctuations, SpaceX currently maintains a lead over Anthropic in terms of market value. However, Anthropic’s swift revenue growth might narrow this gap if it achieves a higher valuation upon going public.
The burgeoning interest in artificial intelligence could significantly benefit Anthropic. The demand for cutting-edge AI technologies has lured substantial private investments, boosting expectations for the valuations of top AI firms. While OpenAI is also eyed as a potential IPO candidate, it is not presently seen as a strong rival to SpaceX for the largest IPO of the year. For Anthropic, securing a high valuation at the time of its IPO announcement will be crucial. Given its current private valuation is about half of SpaceX’s market value, Anthropic would need a dramatic valuation increase to surpass the space exploration giant.
If Anthropic’s revenue continues its rapid ascent, and if investors reward it with a significantly higher IPO valuation, the company could potentially eclipse SpaceX and achieve the title of the largest IPO of 2026. As of now, SpaceX remains the frontrunner, but Anthropic is quickly gaining attention as one of the year’s most closely monitored potential IPO players. The outcome of this competitive race could hinge on how these valuations play out in the months leading up to their respective public offerings.