Anthropic leads trader-implied odds at 57.9% for the largest 2026 IPO by market cap, driven by its confidential June filing and reported target of roughly $2 trillion—exceeding SpaceX’s June record of $1.77 trillion—supported by annualized revenue projections surpassing $110 billion by year-end and rapid growth in Claude adoption. SpaceX, at 42.5%, completed its $75 billion Nasdaq debut (SPCX) earlier in the year and has seen recent share-price gains above $160 amid Starship and Starlink momentum, though its post-IPO valuation remains below Anthropic’s anticipated scale. xAI’s lower 25.5% odds reflect its February all-stock acquisition by SpaceX at a $250 billion implied value, folding it into the listed entity rather than enabling a standalone offering. Upcoming catalysts include Anthropic’s potential November marketing window and further SpaceX operating results that could influence relative positioning.