Anthropic is making waves as a formidable competitor to SpaceX in the anticipated battle for the largest initial public offering (IPO) of 2026. The artificial intelligence firm is witnessing a surge in both revenue and private-market valuation, signaling its potential for a high-profile market entry. Though Anthropic has not yet gone public, growing investor interest suggests the possibility of an IPO as early as the last quarter of 2026. The company’s annualized revenue is projected to hit approximately $65 billion, marking a notable rise from previous forecasts.
Currently valued at about $1 trillion in private markets, Anthropic ranks among the most valuable privately held tech companies worldwide. Its swift expansion has fueled speculation that the company might achieve an even greater valuation upon launching an IPO. Meanwhile, SpaceX has established itself as a key player following its substantial public offering, which was initially priced at $135 per share, leading to a valuation of nearly $1.78 trillion.
SpaceX’s market debut saw its stock price soar, propelling its valuation past $2 trillion, though subsequent volatility caused significant fluctuations. The company’s stock later experienced a sharp decline before rebounding, highlighting ongoing investor concerns regarding its hefty valuation and future financial commitments. Despite currently maintaining a higher market value than Anthropic, SpaceX could see this lead diminish if Anthropic secures a considerably higher valuation at the time of its IPO.
The burgeoning interest in artificial intelligence may work in Anthropic’s favor, as investor excitement continues to drive private investment into advanced AI systems, thereby elevating expectations for leading AI firms. While OpenAI is also seen as a potential IPO candidate, it is not yet considered a strong contender against SpaceX for the top IPO spot of the year. For Anthropic, the decisive factor will be its valuation at the official announcement of its offering. With its current private valuation standing at roughly half of SpaceX’s market value, Anthropic would require a significant boost in valuation to surpass the aerospace giant.
Should Anthropic’s revenue continue its rapid growth and investors grant it a much higher valuation at IPO, the company might overtake SpaceX and secure the title of the largest IPO of 2026. For now, SpaceX retains its leadership position, but Anthropic is swiftly rising as one of the most closely watched IPO candidates for the year.