Anthropic leads market-implied odds for the largest 2026 IPO by market cap at 57.8%, driven by its accelerated November listing timeline and targets of $1.8–2 trillion valuation that would eclipse SpaceX’s June debut. Rapid revenue expansion, with annualized run rates reaching $65–120 billion amid surging demand for Claude models, underpins trader consensus on a record raise potentially exceeding $100 billion. SpaceX follows at 40.5% after pricing its $75 billion offering at a $1.77 trillion valuation that has since traded near $2 trillion, though its completed status limits upside relative to Anthropic’s pending scale. xAI and remaining candidates register below 1% as xAI was absorbed by SpaceX earlier this year and others lack confirmed 2026 filings. Key catalysts ahead include Anthropic’s expected marketing start the week of November 9 and any fresh revenue disclosures that could refine implied probabilities.