Anthropic leads trader sentiment at 55.3% implied probability for the largest 2026 IPO by market cap, driven by its planned November listing targeting a $2 trillion valuation that would surpass SpaceX’s June debut at $1.77 trillion. Rapid revenue growth, with annualized run rates exceeding $65 billion and projections above $110 billion by year-end, supports the higher target amid strong AI sector demand, though the company reports substantial net losses and significant infrastructure commitments. SpaceX holds 43% odds following its record $75 billion raise and post-IPO trading near $2 trillion, while xAI at 25.5% reflects its February merger into the already-public entity. Market-implied odds aggregate real-capital bets on these relative listing sizes and timelines.