Anthropic, an artificial intelligence firm, is positioning itself as a formidable contender against SpaceX in the race for the largest initial public offering (IPO) of 2026. Although not yet publicly traded, rising investor interest hints at a potential IPO for Anthropic as early as the fourth quarter of 2026. The company’s annualized revenue is projected to hit around $65 billion, marking a notable uptick from previous forecasts, while its private-market valuation stands at an impressive $1 trillion. This places Anthropic among the world’s most valuable privately held tech companies, fueling speculation that it could achieve an even higher valuation upon going public.
Currently, SpaceX leads the 2026 IPO race, having completed a massive public offering. Priced at $135 per share, SpaceX’s IPO initially valued the company at about $1.78 trillion. The stock saw a robust surge post-debut, elevating SpaceX’s valuation beyond $2 trillion, although subsequent market volatility caused a sharp decline before a partial recovery. Despite these fluctuations, SpaceX maintains a higher market value than Anthropic, but the latter’s rapid revenue growth could potentially close this gap if it secures a significantly elevated valuation at its IPO launch.
Anthropic’s potential to challenge SpaceX for the top IPO slot is bolstered by the ongoing enthusiasm for artificial intelligence among investors. The surge in demand for advanced AI systems has attracted substantial private investments, raising expectations for the valuations of leading AI companies. While OpenAI is also eyed as a possible IPO candidate, it is not currently seen as a strong contender against SpaceX for the largest IPO of the year.
The decisive factor for Anthropic will be the valuation it achieves when it officially announces its public offering. With its current private valuation at about half of SpaceX’s market value, Anthropic would need a considerable boost in valuation to surpass the space company. Should its revenue continue to grow at a rapid pace, and should investors assign a much higher valuation at the time of its IPO, Anthropic could potentially overtake SpaceX to claim the title of the biggest IPO of 2026.
For now, while SpaceX remains the frontrunner, Anthropic is rapidly emerging as one of the most closely watched potential IPO candidates this year, driven by the burgeoning AI sector and its impressive financial metrics.