Anthropic leads trader consensus at 57.8% implied probability for the largest 2026 IPO by market cap, driven by its rapid revenue acceleration to a $65 billion annualized run rate and confidential filing targeting a $1.8–2 trillion valuation in a mid-November listing. This positions it to potentially exceed SpaceX’s June debut, which priced at $135 per share for a $1.77 trillion valuation and $75 billion raise—the prior record—now trading near $2 trillion. OpenAI’s timeline has shifted to 2027, reducing its 0.6% odds, while other candidates remain sidelined by absent filing activity or lower private valuations. Key near-term catalysts include Anthropic’s roadshow and final S-1 details, which could shift probabilities if revenue or loss metrics deviate from expectations.