Anthropic is rapidly positioning itself as a formidable contender in the race for the largest initial public offering (IPO) of 2026, challenging SpaceX’s dominance. The artificial intelligence company, which is yet to be publicly traded, has seen its revenue projections and private-market valuation soar, fueling speculation about its potential IPO. Investor anticipation is mounting, with some suggesting that Anthropic might go public as early as the fourth quarter of 2026. The company’s annualized revenue is projected to hit approximately $65 billion, a marked increase from earlier estimates, reflecting its robust growth trajectory.
Currently valued at around $1 trillion in private markets, Anthropic ranks among the most valuable privately held technology firms globally. This valuation underscores its explosive growth and the possibility of commanding an even higher valuation upon launching an IPO. Meanwhile, SpaceX remains a formidable competitor, having made a massive public offering in 2026. Priced initially at $135 per share, SpaceX’s IPO valued the company at approximately $1.78 trillion. Despite experiencing post-debut volatility, with shares initially surging above $2 trillion before dipping, SpaceX has maintained a strong market presence.
While SpaceX continues to lead in terms of market value, Anthropic’s swift revenue growth suggests it could close the gap significantly if it secures a high valuation at its public debut. The ongoing enthusiasm for artificial intelligence could further bolster Anthropic’s prospects. The surging demand for advanced AI systems has attracted substantial private investment, heightening expectations for valuations of leading AI firms. Although OpenAI is another potential IPO candidate, it is not currently seen as the strongest challenger to SpaceX for the largest IPO of the year.
For Anthropic, the pivotal factor will be the valuation it achieves when it officially announces its offering. With its present private valuation standing at roughly half of SpaceX’s market value, a substantial increase would be needed to surpass the space company’s IPO. However, if Anthropic continues its rapid revenue expansion and investors ascribe a much higher valuation at IPO, it could potentially dethrone SpaceX as the biggest IPO of 2026. While SpaceX currently holds the lead, Anthropic is fast becoming one of the most anticipated IPO candidates of the year.