As the competition for the largest initial public offering (IPO) of 2026 heats up, Anthropic, an artificial intelligence company, is positioning itself as a formidable contender against SpaceX. Although Anthropic has yet to enter the public market, its soaring revenue and private-market valuation suggest an IPO could be on the horizon by late 2026. Currently, the company is eyeing an annualized revenue of around $65 billion, a figure that vastly exceeds previous projections. With a private market valuation nearing $1 trillion, Anthropic ranks among the world’s most valuable privately-held tech companies, sparking speculation that its public debut might command an even loftier valuation.
SpaceX, however, still maintains a leading position in the 2026 IPO race. Following its massive public offering, SpaceX’s IPO was priced at $135 per share, resulting in an initial valuation of approximately $1.78 trillion. The company’s stock saw a robust increase post-debut, with valuations soaring past $2 trillion before experiencing notable volatility. Despite a sharp decline in share prices, SpaceX’s valuation eventually stabilized, reflecting investor concerns about its substantial valuation and future spending needs. While SpaceX currently surpasses Anthropic in market value, the AI company’s rapid revenue growth could potentially narrow this gap if it achieves a significantly higher valuation at its IPO.
Anthropic’s potential IPO is buoyed by the ongoing enthusiasm for artificial intelligence among investors, who continue to pour private investment into advanced AI systems. This sector’s burgeoning demand is raising expectations for the valuations of leading AI firms. Although OpenAI is another potential candidate for an IPO, it currently does not pose as strong a challenge to SpaceX as Anthropic does.
The critical factor for Anthropic will be the valuation it receives when it officially announces its offering. With its private valuation currently half of SpaceX’s market value, Anthropic would need a substantial boost to its valuation to surpass the space exploration giant. If the company maintains its rapid revenue growth and secures a much higher valuation at IPO, it could potentially outstrip SpaceX to claim the title of the biggest IPO of 2026.
While SpaceX remains the front-runner in the race for the largest IPO, Anthropic is quickly gaining recognition as one of the most closely watched potential IPO candidates of the year. The outcome will largely depend on whether the AI company can continue its trajectory of growth and investor appeal leading up to its anticipated public offering.