In the landscape of initial public offerings (IPOs) set for 2026, Anthropic is surfacing as a formidable contender against SpaceX, primarily due to its surging revenue and climbing private-market valuation. Although Anthropic has yet to enter the public trading arena, investor optimism is mounting, with speculations suggesting a possible IPO launch by the last quarter of 2026. The artificial intelligence company is reportedly on track to achieve annualized revenue of approximately $65 billion, a notable leap from prior forecasts.
Currently, Anthropic’s valuation stands at an impressive $1 trillion in private markets, ranking it among the most valuable privately held tech firms globally. This swift ascent in value has fueled conjecture that the company might secure an even higher valuation upon going public. While SpaceX remains a strong player following its own substantial IPO, Anthropic’s rapid revenue growth could potentially narrow the valuation gap between the two companies.
SpaceX, having executed a significant public offering, initially set its IPO price at $135 per share, culminating in a market valuation of about $1.78 trillion. The company’s shares experienced robust growth post-debut, pushing its valuation beyond $2 trillion. However, this was followed by marked volatility in stock performance, with shares experiencing a sharp decline before stabilizing, underscoring ongoing investor concerns about its valuation and future financial commitments.
The burgeoning interest in artificial intelligence could play a pivotal role in Anthropic’s favor. As demand for cutting-edge AI solutions continues to draw massive private investment, expectations around the valuations of leading AI enterprises are climbing. Meanwhile, OpenAI is also seen as a prospective IPO candidate, though it is not currently viewed as a direct rival to SpaceX for the largest IPO of the year.
The decisive factor for Anthropic will be its valuation at the time of its IPO announcement. With its current private valuation at about half of SpaceX’s market value, a significant boost in valuation would be necessary for Anthropic to surpass the space exploration giant. Should Anthropic’s revenue trajectory maintain its upward momentum and investors bestow it with a significantly elevated valuation at IPO, it could potentially eclipse SpaceX, claiming the title of the largest IPO of 2026. For now, SpaceX remains in the lead, but Anthropic’s potential IPO has become one of the most anticipated events of the year.