Anthropic is rapidly gaining attention as a formidable competitor to SpaceX in the race for the most significant initial public offering (IPO) of 2026. As the artificial intelligence firm’s revenue and private-market valuation continue to soar, it is increasingly seen as a potential candidate for going public. While Anthropic has not yet entered the stock market, expectations among investors are mounting that the company could make its public debut by the fourth quarter of 2026. Its projected annual revenue is expected to hit around $65 billion, marking a notable rise from previous forecasts.
In the private markets, Anthropic is valued at approximately $1 trillion, positioning it among the most valuable technology companies that are still privately held. This rapid trajectory has fueled speculation that the firm could achieve an even loftier valuation should it proceed with an IPO. Meanwhile, SpaceX retains a dominant stance in the 2026 IPO landscape, having successfully executed a massive public offering. Its IPO was initially priced at $135 per share, establishing an initial valuation near $1.78 trillion.
Following its market launch, SpaceX saw its shares surge, pushing its valuation beyond $2 trillion before experiencing notable volatility. The stock later underwent a sharp decline before rebounding, reflecting ongoing investor uncertainty regarding its substantial valuation and future financial commitments. Although SpaceX currently surpasses Anthropic in market value, the latter’s swift revenue growth could potentially reduce this gap if it achieves a significantly higher valuation upon going public.
Amidst the current AI boom, Anthropic could ride the wave of investor enthusiasm surrounding artificial intelligence. The thirst for cutting-edge AI systems has attracted significant private investment, raising expectations for the valuations of leading AI enterprises. While OpenAI is also seen as a possible IPO candidate, it is not presently regarded as the strongest contender to rival SpaceX for the largest IPO of the year.
The determining factor for Anthropic will be the valuation it secures when it officially announces its offering. With its private valuation currently at about half of SpaceX’s market value, Anthropic would require a substantial uplift in valuation to surpass the space exploration giant. Should its revenue continue to grow at a rapid pace and investors assign it a significantly higher valuation at IPO, Anthropic could potentially outpace SpaceX to claim the title of biggest IPO of 2026. For the time being, SpaceX holds the lead, but Anthropic is emerging as one of the most closely watched potential IPO candidates of the year.