Anthropic is swiftly gaining momentum as a formidable contender against SpaceX in the pursuit of the most significant initial public offering (IPO) of 2026. With its annualized revenue and private-market valuation on the rise, the artificial intelligence company is capturing the attention of investors. Although not yet publicly traded, there is a growing belief that Anthropic may opt to go public as early as the fourth quarter of 2026. The company’s annualized revenue is projected to hit approximately $65 billion, marking a substantial increase from previous forecasts.
Currently valued at around $1 trillion in private markets, Anthropic stands among the world’s most valuable privately held tech firms. This rapid growth has fueled speculation that the company might secure an even higher valuation upon launching its IPO. Meanwhile, SpaceX holds a prominent position in the 2026 IPO landscape following its monumental public offering. Initially priced at $135 per share, SpaceX’s IPO gave it a valuation of approximately $1.78 trillion. The company’s shares surged post-debut, elevating its valuation beyond $2 trillion, though they later faced significant volatility before stabilizing.
Despite SpaceX’s current lead in market value, Anthropic’s swift revenue increase presents the potential to bridge the gap, especially if it achieves a notably higher valuation during its public debut. The ongoing AI boom might further enhance Anthropic’s prospects, as investor enthusiasm surrounding artificial intelligence continues to grow. This surge in demand for advanced AI systems has attracted substantial private investment, elevating expectations for the valuations of leading AI firms.
While OpenAI is also a potential IPO candidate, it is not yet seen as a strong challenger to SpaceX for the title of the largest IPO of the year. For Anthropic, the critical factor will be its valuation at the time of the official offering announcement. With its current private valuation at about half of SpaceX’s market value, Anthropic would need a significant valuation boost to surpass the space company. However, if its revenue growth persists and investors assign a considerably higher valuation at IPO, Anthropic could potentially outshine SpaceX and secure the title of the biggest IPO of 2026.
As it stands, SpaceX remains the frontrunner, yet Anthropic is rapidly emerging as one of the most closely watched IPO candidates of the year. The unfolding developments in the AI sector, coupled with Anthropic’s impressive growth trajectory, keep industry observers keenly attentive to the company’s next moves.