Anthropic is rapidly positioning itself as a formidable contender against SpaceX in the anticipated race for the largest initial public offering (IPO) of 2026. As the artificial intelligence company sees its revenue and private-market valuation soar, speculation is mounting that it might go public as early as the last quarter of 2026. Currently, Anthropic boasts an annualized revenue projection of approximately $65 billion, marking a substantial uptick from previous estimates. With a private-market valuation nearing $1 trillion, Anthropic ranks among the world’s highest-valued privately held tech firms, sparking conversation around its potential to command even more should it opt for an IPO.
SpaceX, having already made waves with its own significant IPO, stands as the current leader in this financial race. Its initial offering was priced at $135 per share, leading to an opening valuation of about $1.78 trillion. Although the company’s market debut saw its valuation soar past $2 trillion, subsequent stock volatility reflected ongoing investor concerns over SpaceX’s valuation and future financial obligations. Despite these fluctuations, SpaceX’s market value still surpasses that of Anthropic, although the latter’s swift revenue growth could potentially close this gap, pending a favorable valuation at its public market entry.
Anthropic’s potential to capitalize on the burgeoning artificial intelligence sector further bolsters its appeal to investors. The heightened demand for sophisticated AI systems has drawn significant private investment, boosting expectations for the valuation of leading AI firms. While OpenAI is also considered a possible IPO candidate, it is not currently seen as a strong competitor to SpaceX for the title of largest IPO of the year.
The pivotal factor for Anthropic will be the valuation it secures when it officially announces its offering. With its current private valuation standing at about half of SpaceX’s market value, Anthropic would require a substantial valuation increase to surpass the space giant. Should its revenue continue to grow at the current pace and investors assign it a markedly higher valuation at IPO, Anthropic could potentially overtake SpaceX and clinch the title of the largest IPO of 2026.
As it stands, SpaceX retains its lead, but Anthropic’s rapid rise makes it one of the most closely observed prospective IPO candidates of the upcoming year. The unfolding developments in both companies will be pivotal in determining the leader in what promises to be a high-stakes financial showdown.