As the competition heats up for the largest initial public offering (IPO) of 2026, Anthropic is emerging as a formidable contender against SpaceX. The artificial intelligence company is not yet publicly traded, but its burgeoning revenue and mounting private-market valuation have sparked speculation of a potential IPO as early as the fourth quarter of 2026. With annualized revenue projected to soar to around $65 billion, a significant leap from previous forecasts, Anthropic’s current valuation stands at approximately $1 trillion in private markets, positioning it as one of the most valuable privately held tech companies globally.
Currently, SpaceX holds a commanding lead in the 2026 IPO race following its colossal public offering. The space exploration company’s IPO was initially priced at $135 per share, resulting in a valuation of about $1.78 trillion. Post-launch, SpaceX’s shares surged, briefly elevating its valuation beyond $2 trillion before experiencing notable volatility. The subsequent fluctuations in SpaceX’s stock price highlighted ongoing investor concerns over its substantial valuation and future financial commitments. Despite this, SpaceX maintains a higher market value than Anthropic, though the latter’s accelerating revenue growth could potentially bridge the gap if it achieves a significantly enhanced valuation upon going public.
The AI sector’s current boom could serve as a catalyst for Anthropic’s growth. The fervent investor interest in advanced AI technologies has funneled substantial private investment into the sector, thereby inflating expectations for the valuations of leading AI firms. While OpenAI is also considered a potential IPO candidate, it is not currently seen as a strong contender to rival SpaceX for the title of the largest IPO of the year. For Anthropic, the pivotal factor will be its valuation when it officially announces its offering. With its private valuation currently about half of SpaceX’s market value, a substantial increase would be necessary for Anthropic to overtake SpaceX.
If Anthropic continues its rapid revenue expansion and secures a significantly higher valuation at IPO, it stands a chance of surpassing SpaceX to claim the title of the biggest IPO of 2026. Presently, SpaceX retains the lead, but Anthropic’s swift rise in the tech sphere makes it one of the most closely watched IPO prospects of the year.