Anthropic is positioning itself as a formidable contender against SpaceX in the anticipated race for the largest initial public offering (IPO) of 2026. The artificial intelligence company, which is not yet publicly traded, is seeing a significant boost in both revenue and private-market valuation, propelling expectations for a potential public debut by the fourth quarter of 2026. Reports indicate that Anthropic’s annualized revenue is projected to reach approximately $65 billion, marking a substantial leap from prior estimates.
The company currently holds a private valuation of about $1 trillion, ranking it among the world’s most valuable privately held technology firms. This rapid expansion has fueled speculation that Anthropic could achieve an even greater valuation at the time of its IPO. Meanwhile, SpaceX maintains a solid lead in the 2026 IPO race following its own successful public offering. Initially priced at $135 per share, SpaceX’s IPO secured it an initial valuation of around $1.78 trillion. The company’s valuation soared above $2 trillion post-debut, although it later faced substantial volatility and a sharp decline before rebounding, reflecting ongoing investor concerns about its valuation and future financial demands.
While SpaceX currently outpaces Anthropic in market value, the latter’s swift revenue growth may narrow this gap if it secures a significantly higher valuation upon going public. The burgeoning interest and investment in artificial intelligence could further bolster Anthropic’s prospects. As demand for advanced AI systems continues to attract substantial private investment, the expectations for leading AI companies’ valuations rise accordingly. Although OpenAI is also on the radar as a potential IPO candidate, it does not yet pose a significant challenge to SpaceX’s dominance in the year’s IPO landscape.
The critical determinant for Anthropic will be its valuation when it officially announces its IPO. Presently, its private valuation is about half of SpaceX’s market value, necessitating a considerable valuation increase to overtake the aerospace giant. If Anthropic’s revenue trajectory continues its upward momentum and investors assign it a much higher valuation at the IPO stage, the company could potentially surpass SpaceX, claiming the title of the biggest IPO of 2026. For now, SpaceX remains at the forefront, but Anthropic is rapidly emerging as one of the most closely watched potential IPO candidates of the year.