Anthropic is positioning itself as a formidable contender against SpaceX in the anticipated major initial public offerings (IPOs) of 2026. The artificial intelligence company, not yet listed on the stock exchange, is generating significant buzz with its increasing revenue and valuation in the private market. Investor optimism is mounting, indicating that Anthropic might consider going public by the fourth quarter of 2026. The company’s annualized revenue is projected to hit approximately $65 billion, which marks a noteworthy upswing from previous estimates.
In the private market, Anthropic’s valuation stands at about $1 trillion, placing it among the top-tier privately held tech companies globally. This rapid financial ascent has led to speculation that its IPO could potentially yield an even greater valuation. As Anthropic’s growth story unfolds, it presents a challenge to SpaceX, which has already set a high bar with its IPO. SpaceX’s shares were initially offered at $135 each, securing it a valuation close to $1.78 trillion at the time of the public offering.
The market reacted positively to SpaceX’s IPO, with shares rising significantly after their debut, pushing the company’s valuation beyond $2 trillion. However, the stock later experienced volatility, with a sharp decline followed by a recovery, reflecting ongoing investor concerns about its hefty valuation and future expenditure needs. Despite this roller-coaster, SpaceX currently leads Anthropic in market value. Yet, Anthropic’s swift revenue growth could potentially close this gap, especially if its IPO brings a substantially higher valuation.
The booming demand for advanced AI systems plays to Anthropic’s advantage, as investor enthusiasm in this sector remains high. This trend has drawn vast private investments, elevating the expectations for the valuations of top AI companies. While OpenAI is also seen as a possible IPO candidate, it does not yet rival SpaceX in the race for the largest IPO of the year. The critical factor for Anthropic will be the valuation it secures upon officially announcing an IPO. Currently, Anthropic’s private valuation is about half of SpaceX’s market value, suggesting the need for a significant uptick to surpass the aerospace giant.
As it stands, SpaceX maintains its lead, but Anthropic is swiftly emerging as one of the most observed potential IPO candidates for 2026. Should Anthropic’s revenue continue on its upward trajectory and investors grant it an elevated valuation at IPO, it may indeed outpace SpaceX, claiming the title of the biggest IPO of 2026. For now, the tech world watches closely, anticipating how these developments will unfold in the coming years.