Elon Musk’s SpaceX has set a new benchmark for blockbuster stock market debuts after raising $75 billion in its June 2026 initial public offering (IPO), valuing the rocket, satellite and artificial intelligence company at $1.77 trillion.
Now, AI startup Anthropic is preparing for a potential public listing that could challenge the record, with reports suggesting it is exploring a fundraising target of as much as $100 billion at a valuation of around $2 trillion.
The prospect of another mega IPO has intensified the competition for investor money, particularly as leading artificial intelligence companies seek billions of dollars to fund their expansion. Anthropic, the maker of Claude, is expected to make its public market debut in mid-November, although the timeline and size of the offering has not been officially declared.
SpaceX IPO vs Anthropic IPO: How do their fundraising compare?
SpaceX has already made history in the IPO market. The company priced its shares at $135 apiece in June, raising $75 billion through the sale of approximately 555.56 million shares. The offering valued the business at $1.77 trillion and became the largest IPO on record. Its shares subsequently began trading on Nasdaq.
The company’s appeal extends beyond rocket launches. SpaceX operates Starlink, its satellite internet business, and has ambitions spanning space infrastructure and artificial intelligence computing. Its combination of established operations and long-term technology projects helped attract substantial investor interest.
Anthropic’s proposed IPO could be even larger in terms of its targeted valuation and potential proceeds. Reports have indicated that the Claude developer has explored raising as much as $100 billion at a valuation of around $2 trillion. However, these figures represent reported ambitions, not a final offer price or confirmed fundraising amount.
Anthropic’s financial performance will be central to its valuation debate. The company’s annualised revenue reportedly reached around $65 billion by July. Its quarterly revenue increased to $16.8 billion in the third quarter from $11.6 billion in the second quarter, according to figures disclosed to investors.
OpenAI accelerates fundraising as AI giants compete for investors
The competition for capital is not limited to SpaceX and Anthropic. OpenAI is also seeking to raise a substantial amount of money before Anthropic’s expected listing, as the two AI companies approach many of the same institutional investors.
Reuters reported that OpenAI had held meetings with long-only investment funds and sovereign wealth funds while Anthropic was hosting its own investor day. Existing OpenAI backers, including SoftBank Group and Abu Dhabi-based MGX, were among those in discussions about participating in the proposed funding round.
OpenAI is pitching investors on its revenue growth following the launch of its GPT-6 Astra model. The company reportedly told potential investors that its annualised revenue had reached $50 billion and could rise to $70 billion by the end of the year.
For investors, the race between these companies raises a broader question: how much capital will the market continue to provide to businesses promising rapid growth through AI?
SpaceX has already demonstrated that investors are willing to back a mega offering when they see sufficient long-term potential. Anthropic hopes to build on that appetite, but its ability to match or surpass SpaceX will depend on the final deal size, valuation and demand when the IPO comes to market.
Can Anthropic beat SpaceX’s record? It could exceed SpaceX’s $1.77 trillion IPO valuation if its reported $2 trillion target holds. Its ambition to raise $100 billion could also surpass SpaceX’s $75 billion proceeds. But neither outcome is guaranteed until Anthropic finalises its offering and completes the listing. For now, SpaceX remains the record-holder for the largest completed IPO, while Anthropic’s proposed debut is shaping up to be another major test of investor confidence in the AI boom.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
