Anthropic is positioning itself as a formidable contender against SpaceX in the race for the largest initial public offering (IPO) of 2026. The artificial intelligence company has seen its revenue and valuation in private markets soar, sparking investor speculation that it might go public as early as the fourth quarter of 2026. With its annualized revenue projected to reach approximately $65 billion, Anthropic is achieving significant growth that could lead it to rival SpaceX’s IPO soon.
Currently valued at about $1 trillion in private markets, Anthropic ranks among the world’s most valuable privately held tech firms. This impressive growth trajectory has fueled anticipation that the company could secure an even higher valuation at the time of its IPO. Meanwhile, SpaceX remains a dominant force in the 2026 IPO landscape, having launched its public offering at $135 per share, resulting in an initial valuation of roughly $1.78 trillion. Although SpaceX’s valuation surpassed $2 trillion following a strong market debut, subsequent volatility has reflected ongoing investor uncertainty.
While SpaceX maintains a higher market value than Anthropic, the rapid revenue growth of the AI company could close this gap if it achieves a substantial valuation increase upon going public. Anthropic stands to gain from sustained investor enthusiasm in the AI field, as demand for cutting-edge AI systems continues to draw considerable private investments. This trend has heightened expectations for the valuations of leading AI companies, positioning Anthropic as a key player in the IPO race.
OpenAI is another potential candidate for a 2026 IPO, though it is not currently seen as a major competitor to SpaceX for the title of the largest IPO of the year. For Anthropic, a critical factor will be the valuation it receives when it officially declares its offering. Although its current private valuation is about half that of SpaceX’s market value, a significant increase could enable it to surpass the space company.
For the time being, SpaceX holds the lead, but Anthropic is rapidly emerging as one of the year’s most closely watched IPO prospects. Should its revenue growth persist and investors assign a much higher valuation at the time of its IPO, Anthropic could potentially outpace SpaceX and become the largest IPO of 2026.