Anthropic, an artificial intelligence powerhouse, is gaining traction as a formidable contender against SpaceX in the race for the largest initial public offering (IPO) slated for 2026. While not yet publicly traded, rising investor interest hints at a potential IPO as soon as the fourth quarter of that year. The company is reportedly on course to hit an impressive annualized revenue of approximately $65 billion, a figure that has significantly surpassed earlier projections.
Currently valued at around $1 trillion in private markets, Anthropic is positioning itself among the elite of the world’s most valuable privately held tech enterprises. Its swift expansion has stirred speculation that the company might secure an even loftier valuation upon going public. This development places it in direct competition with SpaceX, which has already made a significant splash with its IPO. Priced initially at $135 per share, SpaceX achieved an initial valuation of about $1.78 trillion, with its market debut seeing its valuation skyrocket past $2 trillion, though this was followed by notable market volatility.
Despite these fluctuations, SpaceX maintains a leading position in terms of market value. However, Anthropic’s rapid growth in revenue could potentially narrow this gap if it secures a higher valuation during its public offering. The burgeoning interest in artificial intelligence technologies could further amplify Anthropic’s appeal to investors. The sector’s explosive growth has drawn substantial private investment, boosting the anticipated valuations of major AI companies.
While OpenAI is also on the list of potential IPO candidates, it currently does not seem poised to challenge SpaceX for the title of the largest IPO of the year. For Anthropic, the pivotal determinant will be its valuation when it formally announces its IPO. At present, its private valuation is about half of SpaceX’s market value, indicating that a significant uplift would be required to surpass the space exploration giant.
If Anthropic continues on its current trajectory of rapid revenue growth and secures a much higher valuation at the time of its IPO, it could potentially overtake SpaceX to claim the title of the biggest IPO of 2026. Although SpaceX remains in the lead for now, Anthropic is rapidly emerging as one of the most scrutinized potential IPO candidates for the year.
