Anthropic, a prominent player in the artificial intelligence sector, is rapidly gaining attention as a potential rival to SpaceX in the pursuit of the largest initial public offering (IPO) of 2026. Though Anthropic has yet to enter the public market, the company’s rising revenue and valuation in private markets are fueling speculation about a possible IPO as early as the fourth quarter of 2026. Reports suggest that Anthropic’s annualized revenue is on track to hit approximately $65 billion, marking a significant uptick from previous projections.
Currently, Anthropic’s private market valuation stands at about $1 trillion, placing it among the world’s most valuable privately held tech firms. This swift growth trajectory has led to conjecture that the company might achieve an even higher valuation upon going public. The buzz around Anthropic is further amplified by the possibility of it rivaling SpaceX, which has already made a strong showing in the 2026 IPO arena. SpaceX’s IPO was priced at $135 per share, launching it with an initial valuation of roughly $1.78 trillion.
Following its IPO, SpaceX saw a robust rise in share value, elevating its market valuation above $2 trillion before experiencing marked volatility. Despite fluctuations, SpaceX remains ahead of Anthropic in terms of market value. However, Anthropic’s aggressive revenue growth could help close this gap if it achieves a significantly higher valuation during its public market entry.
The ongoing surge in interest surrounding artificial intelligence could further propel Anthropic forward. The demand for sophisticated AI technologies has drawn substantial private investment, boosting expectations for the valuations of leading AI enterprises. While OpenAI is also a potential candidate for an IPO, it is not currently seen as a formidable challenger to SpaceX for the largest IPO of the year.
The critical factor for Anthropic will be the valuation it secures when it officially announces its IPO. As its current private valuation is about half of SpaceX’s market value, a considerable increase would be necessary for Anthropic to overtake the space giant. If Anthropic maintains its rapid revenue growth and secures a much higher valuation at the time of its IPO, it could potentially surpass SpaceX to claim the title of the biggest IPO of 2026. For now, SpaceX retains the lead, but Anthropic has emerged as a closely watched contender in this high-stakes financial race.