Anthropic is positioning itself as a formidable contender in the race for the largest initial public offering (IPO) of 2026, potentially challenging SpaceX’s lead. The artificial intelligence company has seen its revenue and private-market valuation surge, leading to speculation that it could enter the public market as early as the fourth quarter of 2026. With its annualized revenue projected to hit around $65 billion, Anthropic’s financial growth marks a significant improvement from previous estimates.
Currently valued at approximately $1 trillion in private markets, Anthropic ranks among the most valuable privately held technology companies globally. This rapid ascent has fueled expectations that the company might achieve an even higher valuation upon its IPO launch. SpaceX, which has already made a significant impact with its own 2026 IPO, set a high bar with an initial share price of $135 and an approximate valuation of $1.78 trillion. Although its stock experienced volatility post-debut, SpaceX’s market value briefly exceeded $2 trillion before stabilizing.
While SpaceX maintains a lead over Anthropic in terms of market value, the swift growth in Anthropic’s revenue could help narrow this gap if the AI company secures a higher valuation during its public debut. The ongoing AI boom could further bolster Anthropic’s prospects as investor interest in advanced AI systems continues to attract massive private investment, enhancing the expected valuations of leading companies in the sector.
In this competitive landscape, Anthropic is emerging as a closely watched IPO candidate. Although OpenAI is also in the conversation as a potential IPO player, it is not currently seen as the primary threat to SpaceX’s dominance in the 2026 IPO arena. For Anthropic to surpass SpaceX, its valuation at the time of the IPO announcement will be crucial. Presently, Anthropic’s private valuation stands at about half of SpaceX’s market value, necessitating a significant increase to overtake the aerospace giant.
As it stands, SpaceX retains its position at the forefront, but Anthropic’s rapid rise in value and revenue growth make it a significant contender in the eyes of investors and industry observers. If Anthropic continues on this trajectory and receives a substantial valuation boost at IPO, the company could potentially eclipse SpaceX, securing the title of the biggest IPO of 2026.