Anthropic and SpaceX prepare for massive 2026 IPOs

The 2026 IPO landscape

The public markets are preparing for a significant shift in 2026 as two of the world's most prominent private companies plan to go public. Space Exploration Technologies, commonly known as SpaceX, and the AI lab Anthropic are both positioned for blockbuster debuts. These events are expected to reshape the investment landscape due to the sheer scale of the companies involved.

SpaceX has already set a benchmark for these types of listings, with a projected valuation of about $1.75 trillion. While Anthropic's specific price has not been finalized, it is anticipated to reach up to $2 trillion depending on how much interest it generates from the investment community. Both companies have demonstrated massive growth that has made them primary targets for public listing.

Investors are beginning to get a clearer picture of these entities as they release more financial data. Anthropic has made its S1 filing available, providing a look at its internal structure and growth. Meanwhile, SpaceX has reported two quarterly results, giving the public a better sense of its operational health and revenue streams before the official launch.

A new AI rivalry

While SpaceX is primarily known for rocket launches and its Starlink satellite internet business, it has entered the AI arena through its acquisition of xAI. This move has turned the aerospace giant into a direct competitor for Anthropic. The two companies are now locked in a battle to develop the most capable AI models for a wide variety of commercial applications.

Anthropic focuses on its Claude model, which clients use for various tasks, while xAI operates the Grok model. Because both companies want to build the best AI to generate the most revenue, they are competing for the same market share. This rivalry means that the success of one company's AI development could directly impact the valuation and growth of the other.

The competition is centered on which company can unlock the most value through artificial intelligence. As these models become more integrated into everyday software and business workflows, the winner of this race will likely hold a significant advantage in the tech economy. The market is watching to see which model becomes the standard for enterprise and consumer use.

Comparing the financials

The growth numbers for both companies over the past few months have been significant. Anthropic saw its revenue jump 1,305% year-over-year to $16.3 billion during the first half of the year. This represents a massive scale-up in its ability to monetize its AI models and serve a growing client base.

SpaceX's Super Intelligence division, which handles its AI operations, also saw a major revenue surge of 830% year-over-year during the third quarter. That division brought in $7.56 billion in that three-month period. While the growth rates are both high, the companies report their data on different timelines, making a direct head-to-head comparison complex.

Analysts suggest that Anthropic's revenue may be significantly higher than SpaceX's when looking at comparable periods. If Anthropic's revenue were split evenly between the first and second quarters, it would already be larger than xAI. When the final third-quarter figures are revealed, Anthropic's revenue is expected to be several times higher than SpaceX's AI division.

Profitability and losses

Understanding the health of these companies requires looking past total losses to focus on operating income. Anthropic reported total losses of over $80 billion during its recent growth period, but much of that figure came from issuing shares that increased in value. This type of accounting doesn't always reflect the day-to-day costs of running the business.

When looking specifically at operating income, Anthropic lost $693 million during the first six months of the year. While this is a large number, it is relatively small compared to the billions of dollars in revenue the company is generating. This suggests that the company is moving toward a more sustainable financial model as it scales its operations.

SpaceX's AI division showed a different path to profitability, reporting an operating income of $431 million during the third quarter. This means the AI arm of SpaceX is already generating positive income from its activities. Both companies are in a strong position, with major profits expected as they continue to expand their reach and infrastructure.

The investment outlook

Choosing between these two IPOs depends on which company's trajectory an investor believes in more. Anthropic is currently viewed by some as a potentially stronger buy because of the success of its Claude model. The company's ability to provide high-quality AI outputs is seen as a primary driver for its future stock price.

SpaceX remains a powerhouse in both aerospace and AI, but its path to public listing is tied to its massive infrastructure and the success of the xAI brand. Investors must weigh the established success of SpaceX's hardware against the rapid, high-growth trajectory of Anthropic's software. Both represent different ways to play the current AI boom.

Ultimately, these two companies are creating a generational investment opportunity by unlocking value through artificial intelligence. As they prepare for their 2026 debuts, the market will be looking for signs of which company can maintain its growth rate while achieving long-term profitability. The competition between Claude and Grok will be a major factor in determining which stock reaches new heights.