Anthropic is positioning itself as a formidable competitor to SpaceX in the anticipated race for the largest initial public offering (IPO) of 2026. The artificial intelligence company is seeing significant growth in both its revenue and private-market valuation, sparking speculation about a potential IPO as early as the fourth quarter of 2026. Reports indicate that Anthropic’s annualized revenue might reach an impressive $65 billion, marking a notable uptick from prior projections.
Currently, Anthropic boasts a valuation of approximately $1 trillion in private markets, ranking it among the most valuable privately held tech companies globally. This rapid growth has led to conjecture that Anthropic might secure an even higher valuation when it goes public. The company could likely attract substantial investor interest, given the prevailing enthusiasm for artificial intelligence innovations.
SpaceX, however, is presently leading the 2026 IPO race following its substantial public offering. Priced at $135 per share, the IPO initially provided SpaceX with a valuation of around $1.78 trillion. Although the company’s valuation soared past $2 trillion post-market debut, it later experienced considerable volatility, reflecting ongoing investor apprehension regarding its valuation and future expenditure needs.
Despite SpaceX maintaining a higher market value than Anthropic, the latter’s brisk revenue growth suggests it may close the valuation gap if its IPO achieves a significantly elevated valuation. The AI boom could further propel Anthropic, as investor interest in cutting-edge AI technologies continues to rise, drawing considerable private capital and heightening expectations for the industry’s leading players.
While OpenAI is also considered a potential contender for an IPO, it is not currently seen as a primary rival to SpaceX for the title of the largest IPO of the year. Anthropic’s ultimate challenge will be its valuation at the time of its official offering. With its private valuation currently about half of SpaceX’s market value, Anthropic would require a substantial increase to surpass the space giant. Although SpaceX remains at the forefront for now, Anthropic is rapidly emerging as one of the most eagerly anticipated IPO candidates of 2026.