Anthropic is positioning itself as a formidable contender to SpaceX in what could be the largest initial public offering (IPO) of 2026. The artificial intelligence company, currently not publicly traded, has seen its revenue and private-market valuation soar, making it a closely watched player in the tech industry. Speculation is mounting that Anthropic might go public as early as the fourth quarter of 2026, with its annualized revenue expected to hit approximately $65 billion, which marks a significant leap from earlier projections.
Valued at about $1 trillion in private markets, Anthropic ranks among the world’s most valuable privately held technology firms. This rapid growth has fueled expectations that the company could achieve an even higher valuation once it decides to launch an IPO. This potential public offering places Anthropic in direct competition with SpaceX, which has already secured a dominant position in the 2026 IPO landscape.
SpaceX made headlines with its massive public offering, initially priced at $135 per share, resulting in an initial valuation of around $1.78 trillion. Although the company experienced a strong surge in share prices following its market debut, which temporarily pushed its valuation past $2 trillion, the stock later faced significant volatility. Despite these fluctuations, SpaceX remains ahead of Anthropic in terms of market value. However, Anthropic’s accelerating revenue growth could bridge this gap if it attains a considerably higher valuation during its public debut.
The burgeoning interest in artificial intelligence could further bolster Anthropic’s prospects. The surge in demand for advanced AI systems has attracted substantial private investment, driving up valuations for leading AI companies. Although OpenAI is also considered a potential IPO candidate, it currently lacks the momentum to challenge SpaceX as the largest IPO contender of the year.
The pivotal factor for Anthropic will be the valuation it achieves at the time of its IPO announcement. Currently valued at roughly half of SpaceX’s market value, Anthropic would require a significant boost in valuation to surpass the space industry giant. Should its revenue continue to expand rapidly and investors place a higher valuation on the company, Anthropic could potentially eclipse SpaceX, seizing the title of the biggest IPO of 2026. For now, SpaceX retains its lead, but Anthropic is swiftly emerging as one of the most anticipated IPO candidates of the year.