In the rapidly evolving landscape of major initial public offerings (IPOs), Anthropic is positioning itself as a formidable contender against SpaceX. The artificial intelligence company has witnessed surging revenue and an increase in its private-market valuation, raising expectations that it might go public by the fourth quarter of 2026. Reports suggest that Anthropic’s annualized revenue could hit approximately $65 billion, significantly surpassing earlier projections.
Currently valued at around $1 trillion in private markets, Anthropic ranks among the most valuable privately held tech companies globally. This rapid growth trajectory spurs speculation that the company could attract an even higher valuation upon going public. The excitement surrounding its potential IPO comes amid comparisons to SpaceX, which has already made a significant mark with its public offering in 2026.
SpaceX established a robust foothold in the IPO landscape with its own massive public offering, initially priced at $135 per share, which resulted in a valuation of about $1.78 trillion. Post-debut, SpaceX’s market value climbed beyond $2 trillion, although it experienced substantial volatility before stabilizing. Despite these fluctuations, SpaceX maintains a higher market value than Anthropic. However, Anthropic’s swift revenue growth suggests that it could close this valuation gap with a successful IPO.
The burgeoning interest in artificial intelligence could further propel Anthropic’s prospects. With increasing demand for advanced AI systems, private investments in the sector have soared, boosting expectations for the valuations of leading AI firms. While OpenAI is also in the running as a potential IPO candidate, it is not currently viewed as a strong challenger to SpaceX’s position for the largest IPO of the year.
Ultimately, Anthropic’s future valuation at the time of its IPO will be critical. Given its current private valuation is about half of SpaceX’s market value, Anthropic will need a substantial valuation boost to surpass the space exploration giant. Should its revenue growth persist and investors assign it a much higher valuation at IPO, Anthropic could potentially emerge as the largest IPO of 2026. For now, SpaceX holds the lead, but Anthropic’s rapid ascent makes it a closely watched candidate in the IPO arena.