Space Exploration Technologies (SPCX -2.23%) was the hottest initial public offering (IPO) of 2026, going public at about a $2 trillion valuation, making it the largest IPO of all time. However, I sat on the sidelines. SpaceX is an impressive company and will likely grow significantly over the next few years to make a great investment. But I was staying patient. I'm waiting for a different IPO, and I think it could also reach a $2 trillion valuation.
The IPO I'm waiting for? It's none other than Anthropic's. Anthropic is expected to go public the week of Nov. 6, and I think it could be a great one to own from the start, and it may turn out to be a better investment than SpaceX.
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Anthropic is growing rapidly
Part of what made SpaceX such an attractive investment was how rapidly it was growing. Immediately after going public, SpaceX reported second-quarter results, where it informed investors of its 92% growth rate, with particular strength coming from its connectivity and AI divisions. That showed investors that SpaceX was a top stock in the market, but Anthropic could be even better.
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Key Data Points
Although its IPO documentation isn't publicly available yet, Reuters obtained a copy, and it had several notable features. Its 2025 revenue totaled $4.6 billion, increasing at a 12-fold pace over 2024's figure. For 2026, they estimate an annual run rate of $65 billion. That's monster growth that may not slow down anytime soon, as AI is being adopted rapidly. For reference, Wall Street analysts expect SpaceX to generate $44.7 billion in revenue this year, so Anthropic could be growing faster and larger than SpaceX already.
Furthermore, Anthropic's Claude is widely regarded as the leading model among AI labs. That's a big deal, and if it can keep its status at the top, it will provide huge growth down the road as it gets integrated into several applications as well as being used as a stand-alone option.
Most investors would easily sign up to own a stock like this, but it comes with a price tag. Anthropic estimates it will spend $518 billion on cloud computing costs, internal computing, and other infrastructure in the next few years. That's a huge chunk of change, and it's one of the reasons why Anthropic is going public.
There isn't enough capital in the private realm to continue funding Anthropic's growth, so it needs to go public to tap into a much larger investment pool. This is the right move for Anthropic, but it won't come without risks for investors. I think the risks will be worth the reward, so I may buy shares when they go public. However, Anthropic has a lot of work to do before it turns profitable, which could be a significant hurdle to overcome in the meantime. Investors will know more as Anthropic's cautious IPO documents get released, but until then, you'll have to stay patient and prepare.
