In the race to secure the title of the largest initial public offering (IPO) of 2026, Anthropic, a burgeoning artificial intelligence company, is positioning itself as a formidable contender against SpaceX. Although Anthropic hasn’t yet entered the public market, its soaring revenue and valuation in private markets are fueling speculation about its IPO potential. Investor anticipation is mounting, suggesting that Anthropic might consider going public by the fourth quarter of 2026, with projections placing its annualized revenue at approximately $65 billion, a significant leap from previous estimates.
Currently, Anthropic boasts a private-market valuation of around $1 trillion, marking it as one of the most valuable privately held tech companies globally. This rapid growth trajectory has fueled discussions on whether the company could achieve an even higher valuation upon launching an IPO. In comparison, SpaceX sets a high bar in the 2026 IPO landscape, following its substantial market debut. Initially valued at $1.78 trillion with shares priced at $135 each, SpaceX’s market valuation surged past $2 trillion post-IPO, although it faced volatility and investor uncertainty regarding its valuation and future financial commitments.
Despite SpaceX’s current lead in market value, Anthropic’s accelerating revenue growth hints at the possibility of narrowing the valuation gap, should it secure a higher public market valuation. The ongoing enthusiasm for advanced artificial intelligence systems is a crucial factor potentially boosting Anthropic’s appeal among investors. The sector’s demand has drawn significant private investment, heightening expectations for AI companies’ valuations. While OpenAI also emerges as a potential IPO candidate, it currently lacks the perceived strength to rival SpaceX for the year’s largest IPO.
For Anthropic, the pivotal aspect will be the valuation it commands at the IPO announcement. With its current private valuation at about half of SpaceX’s market value, a substantial increase would be necessary to surpass the space giant. However, if Anthropic’s revenue continues its impressive growth trajectory and it secures a higher market valuation at IPO, the company could potentially outstrip SpaceX and claim the top spot for the biggest IPO of 2026.
Presently, SpaceX holds the lead, but Anthropic’s rapid ascent makes it a closely watched candidate in the upcoming IPO market. Its performance in the coming years could redefine the landscape, making it a key player to observe as 2026 approaches.