Anthropic is rapidly gaining attention as a formidable contender to SpaceX in the race for the largest initial public offering (IPO) anticipated in 2026. Although Anthropic has not yet entered the public market, increasing investor interest hints at a potential IPO as early as the fourth quarter of 2026. The AI firm’s annual revenue is projected to hit approximately $65 billion, marking a notable rise from previous estimates. With a current private-market valuation nearing $1 trillion, Anthropic stands among the most valuable privately held tech companies globally. This substantial growth fuels speculation about the company achieving an even higher valuation upon its public debut.
SpaceX has firmly established itself as a leader in the 2026 IPO landscape following its significant public offering. Initially priced at $135 per share, SpaceX boasted an initial valuation of about $1.78 trillion. Post-IPO, SpaceX shares experienced a surge that propelled its valuation beyond $2 trillion, although subsequent market volatility led to sharp declines before a recovery. Despite these fluctuations, SpaceX’s market value currently surpasses that of Anthropic. However, the swift revenue growth observed at Anthropic could potentially close this gap, especially if the company secures a higher valuation during its IPO.
The burgeoning demand for artificial intelligence systems presents a favorable backdrop for Anthropic, potentially amplifying investor enthusiasm. The ongoing AI boom has drawn substantial private investments, heightening expectations for the valuations of leading AI firms. OpenAI also emerges as a notable IPO candidate, though it is not yet perceived as the primary competitor to SpaceX’s IPO milestone. For Anthropic, the pivotal element will be its valuation when it officially announces its offering. Presently, Anthropic’s valuation is about half of SpaceX’s market value, indicating the necessity of a significant increase to surpass the space exploration giant.
If Anthropic maintains its rapid revenue growth and secures a much higher valuation at the IPO, it could potentially dethrone SpaceX as the biggest IPO of 2026. While SpaceX currently holds the lead, the spotlight increasingly shifts to Anthropic as a key IPO candidate to watch in the coming year.