When SpaceX listed on the Nasdaq in June, it became the largest initial public offering ever, pulling in $75 billion and assigning a market capitalization of $1.77 trillion, according to the company’s filing.
The space firm’s valuation reflects not only its dominance in the launch market and contracts with multiple government agencies, but also a projected total addressable market of $28.5 trillion that includes a $26.5 trillion opportunity in artificial intelligence.
Anthropic, a leading developer of large language models under the Claude brand, is preparing its own IPO as early as next month. Analysts note that the AI company’s annualized revenue run‑rate topped $65 billion at the end of July, outpacing SpaceX’s $31.2 billion run‑rate for the latest quarter.
Anthropic’s second‑quarter revenue surged to more than $11.5 billion, a 143 percent increase quarter‑over‑quarter and a staggering 1,361 percent jump from the same period a year earlier, while its adjusted operating income turned positive.
Given those figures, market observers expect Anthropic could break SpaceX’s IPO record, potentially valuing the AI firm at $2 trillion or more once it lists.
Despite the hype, SpaceX’s share price has moved sideways since the offering, hovering between $152.63 and $156.87 after an early high of $225.64, suggesting that much of the company’s growth prospects were already priced in at the time of the IPO.
Investors are therefore weighing whether Anthropic’s rapid revenue growth and AI market potential justify a similar premium, or whether the upside may be limited once the company’s valuation is fully reflected in its stock price.