Anthropic is positioning itself as a formidable rival to SpaceX in the contest for the largest initial public offering (IPO) of 2026. As the artificial intelligence company’s revenue and private-market valuation surge, investors are increasingly optimistic about its potential market debut. Although Anthropic has yet to go public, speculation is mounting that it could consider an IPO by the fourth quarter of 2026. Reports indicate that the company’s annualized revenue is on pace to hit approximately $65 billion, marking a noteworthy rise from earlier projections.
With a current valuation of around $1 trillion in private markets, Anthropic ranks among the most valuable privately held technology firms globally. This rapid growth has fueled speculation that the company could achieve an even higher valuation upon launching its IPO. Currently, SpaceX holds a strong lead in the 2026 IPO race following its significant public offering. The space exploration company’s IPO was initially priced at $135 per share, which resulted in an initial valuation of about $1.78 trillion. Following its market debut, SpaceX’s shares experienced substantial volatility, with its valuation briefly surpassing $2 trillion before a sharp decline and subsequent recovery.
Although SpaceX maintains a lead in market value, Anthropic’s swift revenue expansion could potentially close this gap if it secures a higher valuation during its public debut. The burgeoning interest in artificial intelligence could further bolster Anthropic’s prospects. The escalating demand for advanced AI systems has drawn considerable private investment, elevating expectations for the valuations of leading AI companies. While OpenAI is also viewed as a possible IPO candidate, it is not currently considered the strongest contender to challenge SpaceX for the title of the largest IPO of the year.
The pivotal factor for Anthropic will be its valuation when it officially announces its IPO. With its present private valuation standing at roughly half of SpaceX’s market value, Anthropic would require a substantial valuation boost to surpass the space technology giant. However, if the company’s revenue growth continues at its current pace and investors attribute a significantly higher valuation at the time of its IPO, Anthropic could potentially eclipse SpaceX and secure the title of the largest IPO of 2026. As it stands, SpaceX remains the front-runner, but Anthropic is rapidly emerging as one of the most closely observed potential IPO candidates of the year.