Anthropic is rapidly emerging as a formidable contender against SpaceX in the race for the most significant initial public offering (IPO) of 2026. As the artificial intelligence (AI) company’s revenue surges and its private-market valuation soars, investors are buzzing with anticipation. Although Anthropic has yet to go public, there is speculation that it might consider an IPO as soon as the fourth quarter of 2026, with its annualized revenue projected to hit approximately $65 billion, a notable jump from earlier forecasts.
Currently valued at an estimated $1 trillion in private markets, Anthropic ranks among the world’s most valuable privately-held tech companies. This rapid growth fuels speculation that the company could achieve an even higher valuation upon launching its IPO. Meanwhile, SpaceX remains a formidable leader, having set a high bar with its own IPO. The aerospace giant’s shares debuted at $135 each, securing an initial valuation of roughly $1.78 trillion. Despite experiencing notable volatility post-IPO, SpaceX’s valuation exceeded $2 trillion before a sharp decline and subsequent recovery, indicating ongoing investor skepticism regarding its valuation and future financial needs.
While SpaceX currently maintains a lead over Anthropic in market value, the latter’s swift revenue growth may bridge the gap, should it achieve a significantly higher valuation during its public debut. The ongoing AI boom could serve as a catalyst for Anthropic’s ascent. Investor enthusiasm for advanced AI systems has led to substantial private investments, boosting expectations for the valuations of top AI firms. Although OpenAI is also seen as a potential IPO candidate, it is not currently considered the strongest rival to SpaceX for the largest IPO of the year.
A crucial factor for Anthropic will be its valuation when it officially announces its IPO. Presently valued at about half of SpaceX’s market cap, Anthropic would require a substantial valuation increase to surpass the space company. Nevertheless, if Anthropic’s revenue continues its upward trajectory and investors assign a significantly higher valuation at IPO, the company could potentially outshine SpaceX and claim the title of the largest IPO of 2026. For the time being, SpaceX retains its lead, but Anthropic is swiftly becoming one of the most closely watched IPO prospects of the year.