Anthropic is positioning itself as a formidable contender to SpaceX in the highly anticipated initial public offering (IPO) race of 2026. The artificial intelligence company’s financial trajectory shows impressive growth, with its annualized revenue expected to hit approximately $65 billion, a substantial leap from previous projections. This surge in revenue is mirrored in its private-market valuation, which now stands at an estimated $1 trillion, signifying its status as one of the most valuable privately held tech firms globally. As investor interest mounts, there is rising speculation that Anthropic could enter the public market as early as the fourth quarter of 2026.
SpaceX, however, currently leads the 2026 IPO landscape following its own significant market debut. The aerospace company’s IPO was launched with a share price of $135, resulting in an initial valuation of around $1.78 trillion. Although its market value soared past $2 trillion at one point, fluctuations in stock prices highlighted ongoing investor concerns regarding its valuation and future financial commitments. Despite these challenges, SpaceX maintains a higher market value than Anthropic, but the latter’s rapid revenue growth could potentially close this gap if it secures a higher valuation upon going public.
The burgeoning interest in artificial intelligence could serve as a catalyst for Anthropic’s success. The sector’s appeal has drawn substantial private investments, fueling expectations of high valuations for leading AI companies. While OpenAI is also seen as a prospective IPO candidate, it currently does not pose as strong a challenge to SpaceX’s dominance in the IPO race as Anthropic does. For Anthropic, achieving a valuation comparable to SpaceX will be pivotal if it aims to surpass the aerospace giant as the largest IPO of 2026.
At present, Anthropic’s private valuation is about half of SpaceX’s market value, indicating the need for a significant boost in its valuation come IPO time. Should its revenue continue on its upward trajectory and investors assign a more favorable valuation, Anthropic has the potential to outstrip SpaceX and claim the title of the biggest IPO of the year. While SpaceX remains at the forefront, Anthropic’s progress and the surrounding enthusiasm make it one of the most closely monitored IPO candidates for 2026.