The race for the largest initial public offering (IPO) in 2026 is intensifying as Anthropic, an artificial intelligence company, emerges as a formidable contender against SpaceX. Although Anthropic has not yet gone public, its soaring revenue and valuation in private markets are fueling expectations for a public debut as soon as the fourth quarter of 2026. With annualized revenue projected to reach approximately $65 billion, the company has seen a significant uptick from earlier forecasts, bolstering its position as one of the most valuable privately held technology firms globally, with a valuation nearing $1 trillion.
SpaceX, which has already made its own massive public offering, currently leads the 2026 IPO race. The space exploration giant’s IPO was priced at $135 per share, resulting in an initial valuation of roughly $1.78 trillion. Following its market debut, SpaceX saw its valuation soar above $2 trillion, though the stock has since experienced considerable volatility, reflecting investor concerns over its lofty valuation and future financial obligations. Despite this fluctuation, SpaceX maintains a higher market value compared to Anthropic, but the AI company’s rapid growth in revenue could potentially close this gap, especially if it achieves a higher valuation at its IPO.
Anthropic’s potential success in the public market could be significantly bolstered by the ongoing enthusiasm for artificial intelligence among investors. The increasing demand for cutting-edge AI systems has attracted substantial private investment, raising expectations for the valuation of leading AI enterprises. While OpenAI is also seen as a prospective IPO candidate, it currently does not pose as strong a challenge to SpaceX for the title of the largest IPO of the year.
The crucial determinant for Anthropic will be the valuation it achieves when it officially announces its public offering. Presently, its private valuation stands at about half of SpaceX’s market value, indicating that it would require a substantial increase to surpass the space company’s valuation. However, if Anthropic continues its trajectory of rapid revenue growth and manages to secure a significantly higher valuation at IPO, it could potentially outstrip SpaceX and claim the title of the biggest IPO of 2026.
While SpaceX remains the front-runner in the IPO race for now, Anthropic’s swift ascent has positioned it as one of the most closely monitored potential IPO candidates of the year, capturing the attention of investors eager to capitalize on the AI boom.