Anthropic is gaining attention as a formidable contender against SpaceX in the race for the largest initial public offering (IPO) of 2026. As the artificial intelligence company experiences a surge in revenue and valuation in the private market, investor interest is mounting. Although not yet publicly traded, there is speculation that Anthropic could consider an IPO as early as the fourth quarter of 2026. The company’s annualized revenue is expected to reach approximately $65 billion, an impressive leap from initial projections.
Currently valued at around $1 trillion in private markets, Anthropic stands among the world’s most valuable privately held tech companies. This rapid growth has fueled expectations that the firm could secure an even higher valuation when it decides to go public. While SpaceX remains a key player in the 2026 IPO landscape with its massive debut, Anthropic’s swift revenue growth could potentially close the gap if it achieves a high valuation during its public launch.
SpaceX, which went public with an IPO priced at $135 per share, initially reached a valuation of approximately $1.78 trillion. Following its market entry, the company’s valuation surged past $2 trillion as shares climbed, though they later experienced notable volatility. Despite fluctuations, SpaceX continues to maintain a market value lead over Anthropic. However, Anthropic’s momentum in revenue growth suggests that it could challenge this lead if investors assign it a higher valuation at IPO.
The ongoing enthusiasm for artificial intelligence could significantly benefit Anthropic. The escalating demand for advanced AI systems has led to substantial private investment, boosting expectations for the valuation of leading AI companies like Anthropic. While OpenAI is also considered a potential IPO candidate, it is not currently viewed as a major competitor to SpaceX’s title of the largest IPO of the year.
The decisive factor for Anthropic will be its valuation upon announcing its IPO. With a current private valuation at about half of SpaceX’s market value, Anthropic would require a major valuation boost to surpass the space company’s IPO record. If the company continues its rapid revenue expansion and gains a higher investor valuation, it might overtake SpaceX as the biggest IPO of 2026. For now, SpaceX retains its lead, but Anthropic is becoming an increasingly prominent IPO candidate to watch.