Anthropic, an artificial intelligence firm, is positioning itself as a formidable contender against SpaceX in what could be one of the largest initial public offerings (IPO) of 2026. While Anthropic hasn’t yet gone public, the rise in its revenue and valuation in the private market is fueling speculation about a possible IPO by late 2026. The company’s annualized revenue is projected to soar to approximately $65 billion, a remarkable increase from previous forecasts.
Currently valued at around $1 trillion in the private sector, Anthropic stands among the world’s most valuable privately held tech companies. This rapid growth has stirred discussions about the potential for Anthropic to achieve an even higher valuation if it proceeds with an IPO. Meanwhile, SpaceX has made a significant mark with its own IPO, initially priced at $135 per share, which led to a valuation of roughly $1.78 trillion.
SpaceX’s IPO saw a strong stock performance following its market entry, with its valuation briefly crossing the $2 trillion mark before experiencing notable volatility. Although the company’s shares took a downturn, they eventually rebounded, highlighting ongoing investor concerns over SpaceX’s massive valuation and its future financial commitments. Despite maintaining a lead over Anthropic in terms of market value, the rapid revenue growth of Anthropic might close this gap should it secure a higher valuation during its IPO.
The burgeoning interest in artificial intelligence could further propel Anthropic’s prospects. With substantial private investments pouring into advanced AI systems, expectations for the valuations of leading AI companies are rising. Another notable player in the AI field, OpenAI, is also viewed as a potential IPO candidate, though it is not currently perceived as a primary challenger to SpaceX’s dominance in 2026.
The critical factor for Anthropic will be the valuation it achieves at the time of its IPO announcement. While its current private valuation is about half of SpaceX’s market value, a significant surge in valuation could enable Anthropic to surpass the space company. Although SpaceX currently holds the top position, Anthropic is rapidly gaining attention as one of the most watched potential IPO candidates for 2026.