In the anticipated race for the largest initial public offering (IPO) of 2026, Anthropic is positioning itself as a formidable competitor to SpaceX. The artificial intelligence company has witnessed a notable surge in both revenue and private-market valuation, fueling speculation about its potential move to go public as soon as the fourth quarter of 2026. Anthropic’s annualized revenue is projected to hit approximately $65 billion, marking a significant rise from previous estimates. Its valuation in private markets has reached around $1 trillion, positioning Anthropic among the world’s most valuable privately-held tech firms and prompting discussions about an even higher valuation with an IPO.
SpaceX, however, is not backing down in this IPO showdown. The aerospace giant made a massive public offering, initially valued at $1.78 trillion with shares priced at $135 each. Post-launch, SpaceX’s valuation surged beyond $2 trillion, though it later faced notable volatility, with its shares experiencing sharp declines followed by recovery. Despite this, SpaceX maintains a lead over Anthropic in market value. Yet, if Anthropic secures a significantly elevated valuation during its public debut, its rapid revenue growth could help bridge the gap between the two companies.
The ongoing boom in artificial intelligence could serve as a significant catalyst for Anthropic’s IPO prospects. The increasing demand for cutting-edge AI systems has drawn substantial private investments, raising expectations for the valuations of leading AI entities. Among these, Anthropic stands out as a prime contender, although OpenAI is also seen as a potential IPO candidate. However, OpenAI is not currently perceived as a strong rival to SpaceX for the top IPO spot in 2026.
Anthropic’s ultimate IPO success will largely depend on the valuation it commands when the offering is formally announced. Presently, its private valuation is about half that of SpaceX’s market value, suggesting that it would need a considerable increase in valuation to surpass the space exploration company. Should Anthropic’s revenue trajectory continue its upward momentum and investors assign it a significantly higher valuation at IPO, it might indeed outpace SpaceX and secure the title of the largest IPO of 2026.
While SpaceX currently holds the lead, Anthropic’s swift ascent in the market makes it one of the most eagerly watched potential IPO candidates this year. With the AI sector’s robust growth and investor interest, Anthropic could very well emerge as a formidable player in the IPO landscape, challenging SpaceX’s dominance.