Anthropic is positioning itself as a formidable contender to SpaceX in the anticipated race for the largest initial public offering (IPO) of 2026. This artificial intelligence company has been garnering attention as its revenue figures and private-market valuation continue to climb. Although Anthropic has not yet entered the public trading arena, investor optimism is mounting, with many speculating that the company could go public by the fourth quarter of 2026. Current projections indicate that its annualized revenue could hit approximately $65 billion, a substantial leap from previous estimates.
In private markets, Anthropic’s valuation stands at about $1 trillion, ranking it among the most valuable privately held tech companies worldwide. This rapid growth trajectory fuels speculation that, upon launching an IPO, Anthropic might achieve an even higher valuation. The company is emerging as a key player to watch, posing a challenge to SpaceX, which currently leads the 2026 IPO race following its colossal public offering.
SpaceX set a high benchmark with its IPO, initially priced at $135 per share, leading to a valuation of about $1.78 trillion. After its market debut, SpaceX shares surged, elevating its valuation beyond $2 trillion, although the stock later experienced notable volatility. Despite fluctuations, SpaceX remains ahead of Anthropic in terms of market value. However, with Anthropic’s swift revenue growth, the gap could narrow if the AI company secures a higher valuation at its public debut.
The ongoing surge in investor interest in artificial intelligence could further propel Anthropic’s prospects. The demand for advanced AI systems has attracted significant private investment, heightening expectations for leading AI firms’ valuations. While OpenAI is also considered a potential IPO candidate, it is not currently seen as the strongest rival to SpaceX for the title of the largest IPO of the year.
The critical factor for Anthropic will be its valuation when it officially announces its public offering. Its current private valuation is about half of SpaceX’s market value, suggesting that a considerable increase would be necessary to surpass the space company. If Anthropic’s revenue continues its rapid growth trajectory and investors grant it a significantly higher valuation at IPO, the company could potentially outpace SpaceX and secure the title of the biggest IPO of 2026. As it stands, SpaceX remains the frontrunner, but Anthropic is quickly becoming one of the most watched potential IPO candidates of the year.