In the race for the largest initial public offering (IPO) of 2026, Anthropic is emerging as a formidable contender to SpaceX. The artificial intelligence firm, though not yet publicly traded, is generating significant buzz with its rising revenue and private-market valuation. Investors speculate that Anthropic could make its public debut as early as the fourth quarter of 2026, with its annualized revenue projected to hit approximately $65 billion—a substantial leap from previous estimates. Currently valued at around $1 trillion in private markets, Anthropic is positioned among the most valuable privately held tech companies globally.
SpaceX, having already made a massive public offering, remains a strong player in this IPO contest. Its shares were initially priced at $135 each, resulting in an initial valuation of around $1.78 trillion. Although SpaceX’s valuation surged past $2 trillion following its market debut, the stock later experienced notable volatility, reflecting investor uncertainty about its high valuation and future financial commitments. Despite these fluctuations, SpaceX still maintains a lead over Anthropic in terms of market value. However, Anthropic’s swift revenue growth could potentially close this gap, especially if it secures a considerably higher valuation when it goes public.
The booming interest in artificial intelligence might provide Anthropic with an additional boost. The demand for advanced AI systems has been attracting substantial private investments, raising expectations for the valuations of leading AI firms. While OpenAI is another potential IPO candidate, it is not currently seen as a major rival to SpaceX for the title of the largest IPO of the year. For Anthropic, achieving a higher valuation at the time of its IPO will be crucial in its bid to surpass SpaceX.
Given Anthropic’s current private valuation, which is about half of SpaceX’s market value, the company would need a significant valuation increase to overtake the space industry giant. If Anthropic’s revenue continues its rapid growth trajectory and investors award it a much higher valuation during its IPO, it could potentially claim the largest IPO of 2026. At present, SpaceX holds the lead, but Anthropic is quickly becoming one of the most watched IPO candidates of the year.