**Anthropic leads the market-implied odds at 58.9% for the largest 2026 IPO by market cap, driven by its confidential S-1 filing and targeted November listing at a potential $2 trillion valuation, fueled by annualized revenue surging past $65 billion amid strong AI demand.** SpaceX, at 40.5% odds, completed its record June 2026 debut at roughly $1.77–2 trillion market cap after raising about $75 billion, establishing the benchmark that Anthropic aims to surpass. xAI’s 25.5% reflects its February 2026 all-stock acquisition by SpaceX, folding its assets into the already-public entity rather than enabling a standalone float. OpenAI and others trail with sub-1% odds as timelines shift to 2027 or later, underscoring how Anthropic’s revenue trajectory and timing position it ahead in trader consensus backed by real capital.