As the race for the biggest initial public offering (IPO) of 2026 heats up, Anthropic, an artificial intelligence company, is emerging as a formidable contender against SpaceX, thanks to its soaring revenue and private-market valuation. Although Anthropic has not yet entered the public market, investor confidence is growing, with speculation that the company might consider an IPO as early as the fourth quarter of 2026. Currently, the company’s annualized revenue is projected to reach approximately $65 billion, marking a substantial leap from previous estimates.
In private markets, Anthropic boasts a valuation of about $1 trillion, positioning it among the world’s most valuable privately held tech firms. This rapid financial ascent has fueled speculation that its valuation could rise even further if it goes public. Meanwhile, SpaceX has already made a significant mark in the 2026 IPO landscape with a colossal public offering. Priced at $135 per share, SpaceX’s IPO initially valued the company at around $1.78 trillion, with shares surging post-market debut to push its valuation past $2 trillion. However, the stock faced notable volatility, reflecting ongoing investor uncertainty regarding its high valuation and future financial commitments.
Currently, SpaceX maintains a lead over Anthropic in terms of market value. Yet, the swift revenue growth observed at Anthropic suggests that the company could potentially diminish this gap if it secures a markedly higher valuation during its IPO. The ongoing enthusiasm for artificial intelligence could further bolster Anthropic’s prospects. The burgeoning demand for cutting-edge AI systems has drawn vast private investment, raising the anticipated valuations for premier AI companies.
While OpenAI is also a potential IPO candidate, it is not presently seen as the prime rival to SpaceX for the title of the largest IPO of the year. For Anthropic, the decisive factor will be its valuation at the official announcement of its offering. With its current private valuation standing at about half of SpaceX’s market value, Anthropic would require a significant valuation boost to surpass the space giant. Should Anthropic continue its rapid revenue growth and receive a much higher valuation at IPO, it could potentially outstrip SpaceX, claiming the crown for the largest IPO of 2026.
For the moment, SpaceX remains in the lead, but Anthropic is swiftly becoming one of the most scrutinized potential IPO candidates of the year.