Anthropic is positioning itself as a formidable contender against SpaceX in the anticipated race for the largest initial public offering (IPO) in 2026. The artificial intelligence company is experiencing significant growth in both revenue and private-market valuation, sparking investor expectations that it might go public as soon as the fourth quarter of 2026. Reports suggest its annualized revenue could reach approximately $65 billion, a notable increase from previous projections.
Currently, Anthropic’s valuation in private markets stands at around $1 trillion, placing it among the most valuable privately held tech companies globally. This rapid growth has fueled speculation that an IPO could lead to an even higher valuation. While SpaceX has set a high bar with its IPO, Anthropic’s momentum suggests it could narrow the gap if it secures a significantly elevated valuation at its public debut.
SpaceX, with its initial valuation of about $1.78 trillion, priced its IPO at $135 per share and saw its market value surpass $2 trillion post-debut before experiencing volatility. Despite fluctuations, SpaceX maintains a lead over Anthropic in market value terms. However, Anthropic’s swift revenue growth might change the competitive landscape if the company achieves a substantial valuation boost during its IPO.
The ongoing boom in artificial intelligence could play a crucial role in Anthropic’s future success. The sector has attracted substantial private investment, raising expectations for the valuation of leading AI companies. While OpenAI is also a potential candidate for an IPO, it does not currently pose the same level of challenge to SpaceX as Anthropic might.
The key determinant for Anthropic will be its valuation at the time of its IPO announcement. With its current private valuation being about half of SpaceX’s market value, a considerable increase would be necessary for Anthropic to overtake SpaceX as the largest IPO of 2026. As it stands, SpaceX is still in the lead, but Anthropic’s rapid growth trajectory makes it one of the most closely watched IPO candidates for the year.