Anthropic is gearing up for a possible initial public offering, positioning itself for a busy fall in tech listings, potentially after SpaceX's market dominance this summer. A planned $15 billion revolving credit facility is seen as strengthening Anthropic's position ahead of this offering. Industry experts, like Greg Martin of Rainmaker Securities, suggest that Anthropic's rapid growth could support a valuation higher than SpaceX's at IPO, with a successful debut potentially opening doors for other long-awaited tech listings such as Oura and neoclouds.
SpaceX's recent IPO, which occurred on June 12, made it the sixth largest company and significantly boosted the IPO market, with the second quarter amassing over $131 billion across 108 deals. Anthropic's IPO is anticipated to be one of the hottest ever, with a projected valuation of around $2 trillion. This follows SpaceX's debut with a record-breaking $1.77 trillion valuation.
While Anthropic is poised to make history, investors are cautioned to learn from SpaceX's post-IPO performance. SpaceX shares, which briefly hit $201.80, have since declined to about $150. Analysts like David Shapiro of OpenVC emphasize the importance for investors to thoroughly understand the actual value of these companies before an IPO. Prediction markets, such as Kalshi and Polymarket, indicate a 63% chance that Anthropic will surpass SpaceX as the largest IPO of 2026, driven by its annual run rate sales catapulting from about $9 billion at the end of 2025 to $65 billion by the end of July.
Several ETFs already offer exposure to Anthropic. The Tema Photonics and Optical ETF (LAZR) holds about 15% in Anthropic, followed by the Alger Concentrated Equity ETF (CNEQ) with over 5%. Other ETFs including the Alger 35 ETF (ATFV), KraneShares Public-Private AI & Technology ETF (AGIX), and iShares A.I. Innovation and Tech Active ETF (BAI) each hold between 1% and 2%. The T. Rowe Price Capital Appreciation Equity ETF (TCAF) and Technology ETF (TTEQ) both have less than 1% exposure.
