Could Anthropic's IPO Be Bigger Than SpaceX's?

Published September 19, 2026 · Category: Finance

Overview

Could an Anthropic IPO top that of Space Exploration Technologies (NASDAQ: SPCX)? Three months after SpaceX listed, that is the question all over Wall Street. While SpaceX reset the IPO scoreboard, Anthropic has to decide whether it wants to beat Elon Musk's record on cash raised, valuation, or just on the story. These are three very different fights.

Image source: Getty Images.

SpaceX listed on the Nasdaq on June 12. Shares opened around $150, and the company raised a total of $86.2 billion after an overallotment was exercised. That crushed Saudi Aramco's old record of roughly $26 billion raised in 2019. By the end of its first day of trading, SpaceX boasted a market cap around $2.1 trillion -- implying a 112 times price-to-sales (P/S) ratio based on 2025 revenue.

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Source

Originally published at www.fool.com.

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