Anthropic is rapidly positioning itself as a formidable competitor to SpaceX in the quest for the largest initial public offering (IPO) of 2026. The artificial intelligence company’s surging revenue and soaring private-market valuation are fueling expectations of a potential public debut in the fourth quarter of that year. With its annualized revenue projected to hit approximately $65 billion, Anthropic’s financial growth is significantly outpacing previous expectations.
Currently valued at an estimated $1 trillion in private markets, Anthropic ranks among the most valuable privately held tech companies globally. This rapid ascent has fueled speculation that the company could command an even higher valuation upon going public. As it stands, SpaceX remains a dominant player in the 2026 IPO landscape, having achieved a remarkable $135 per share during its IPO, initially valuing the company at around $1.78 trillion. Following its market debut, SpaceX’s shares surged, pushing its valuation beyond $2 trillion before experiencing notable fluctuations due to investor concerns over its valuation and future expenses.
While SpaceX currently leads in terms of market value, Anthropic’s swift revenue growth could potentially bridge the gap if it secures a substantial valuation at its IPO. The continued investor interest in artificial intelligence could further bolster Anthropic’s prospects, as the demand for advanced AI systems has attracted substantial private investment, lifting expectations for the valuation of top AI firms.
Besides Anthropic, OpenAI is also seen as a potential IPO candidate, though it is not presently regarded as a significant contender to rival SpaceX for the largest IPO title of the year. Anthropic’s ultimate position in this race will heavily depend on its valuation when it officially announces an offering. With its current private valuation approximately half of SpaceX’s market value, Anthropic would require a significant increase to surpass the space giant.
As of now, SpaceX holds the lead, but Anthropic’s trajectory has made it one of the most closely watched potential IPO candidates for 2026. If Anthropic continues its rapid growth and achieves a higher valuation at its IPO, it could potentially eclipse SpaceX and claim the title of the largest IPO of the year.