Anthropic, an artificial intelligence company, is positioning itself as a formidable competitor to SpaceX in the anticipated race for the largest initial public offering (IPO) of 2026. Although Anthropic has not yet gone public, increasing investor interest and expectations suggest that the company might consider an IPO as early as the fourth quarter of 2026. Reports indicate that Anthropic’s annualized revenue could reach an impressive $65 billion, a notable jump from previous projections, which has sparked further interest in its potential market debut.
Currently valued at approximately $1 trillion in private markets, Anthropic ranks among the most valuable privately-held technology firms globally. This rapid expansion has led to speculation that the company could achieve an even higher valuation through an IPO. However, SpaceX has already set a high bar in the 2026 IPO race with its massive public offering, initially priced at $135 per share, which resulted in a valuation of about $1.78 trillion.
SpaceX’s market debut saw its share value surge past $2 trillion, although it later experienced significant volatility, with shares dropping sharply before recovering. This fluctuation reflects ongoing investor uncertainty regarding SpaceX’s valuation and future financial commitments. Despite this, SpaceX still surpasses Anthropic in terms of market value. Nonetheless, if Anthropic continues its rapid revenue growth and achieves a higher valuation at IPO, it could potentially close the gap with SpaceX.
The booming interest in artificial intelligence could further propel Anthropic’s market prospects. The growing demand for advanced AI systems has led to substantial private investments, enhancing expectations for leading AI companies’ valuations. While OpenAI is also considered a potential candidate for an IPO, it is not currently perceived as a strong contender against SpaceX for the year’s largest IPO.
Ultimately, the key determinant for Anthropic will be its valuation upon announcing an IPO. Given its current private valuation, which stands at about half of SpaceX’s market value, Anthropic would require a significant valuation boost to surpass the space company. If the company maintains its rapid revenue growth and investors attribute a higher valuation at the time of its public debut, Anthropic could indeed challenge SpaceX for the title of the biggest IPO of 2026. For now, SpaceX remains in the lead, but Anthropic is swiftly emerging as one of the most closely watched IPO prospects of the year.