Anthropic Targets Record $64 Billion IPO as Revenue Hits $33.2 Billion

Anthropic plans to sell 825 million shares at $70 to $78 apiece in an initial public offering that, at the top of the range, would raise $64.35 billion and value the company at up to $1.405 trillion on a fully diluted basis. That is the scale of the deal CNBC's Jim Cramer assessed Tuesday, and his verdict was unambiguous: the numbers justify what could become the largest IPO in history.

"The fact that this deal is on is bullish for tech and the AI trade," the "Mad Money" host said.

What does the new filing say?

Anthropic filed updated IPO paperwork on Tuesday, according to the prospectus details Cramer reviewed. The terms are concrete:

• 825 million shares offered at $70 to $78 per share
• Up to $64.35 billion raised at the high end
• A valuation of as much as $1.405 trillion on a fully diluted basis
• Pricing scheduled for Nov. 18, with trading to begin the following day

There is also a separate $26 billion private placement, purchased by leading AI companies including Nvidia and Alphabet. Add that to the public offering, and Anthropic's total haul could exceed what SpaceX raised in its June IPO — a comparison that frames just how far the boundaries of public-market fundraising have moved in a single year.

Why does Cramer think the valuation holds?

The anchor of the bull case is revenue. Anthropic reported $33.2 billion in revenue during the first nine months of 2026, up 1,206% from the same period a year earlier, according to its updated prospectus. "Anthropic's tantalizing growth rate is the key reason why this should be the largest IPO in history," Cramer said.

Much of that growth comes from enterprise customers, with the filing highlighting surging adoption of Claude Code, Anthropic's AI coding agent (software that writes and modifies code autonomously). Two customer metrics stand out:

• More than 11,900 customers now spend over $100,000 annually with Anthropic, up from roughly 1,500 at the end of 2025 — an roughly eightfold increase in under a year
• Net revenue retention (a measure of how much existing customers spend year over year) stood at approximately 900% at the end of September, meaning customers are spending about nine times as much as they were a year earlier

Those figures matter for the IPO's reception because they speak to durability, not just momentum. A company adding customers while existing ones multiply their spending ninefold presents a different risk profile than one growing purely through new logos. It is the difference between a land grab and an expanding base — and the prospectus, as Cramer read it, shows both.

Is the growth rate slowing?

Yes, and Cramer addressed it directly. Anthropic's quarter-over-quarter growth appeared to peak in the second quarter, then slowed to 47% sequential growth in the third quarter from 144% in Q2.

"To some extent, it's the law of large numbers at work, and let's be clear that 47% sequential growth is still very impressive," Cramer said.

He flagged two additional possible factors beyond sheer scale. The first is increased competition from OpenAI. The second is the possibility that customers are beginning to scrutinize their AI spending — a signal worth watching across the entire sector, since enterprise AI budgets have been the revenue engine behind the current wave of model developers.

One competitive complication Anthropic will not face, at least not on the public market: OpenAI has pushed its own IPO plans into next year. Anthropic's listing will not have to jockey for position with its closest rival for investor attention and capital.

What does the run rate suggest about demand?

The most forward-looking number in the filing is Anthropic's annualized revenue run rate (a projection of yearly revenue based on the most recent month's sales). The frontier AI lab reported an annualized run rate of $81 billion at the end of October.

If current momentum continues, that puts the company within striking distance of $100 billion by year-end. The run rate figure matters because it captures the most recent month of sales, making it a more current read on demand than the nine-month cumulative total — and it suggests the third-quarter deceleration has not translated into a demand cliff.

"It's good to see that it's still growing nicely," Cramer said. "As for Anthropic's revenue and growth rate, the main subject of tonight's review, it's nothing less extraordinary, even if we are slightly past the peak, growth-wise."

Why does this IPO matter beyond Anthropic?

The stakes here extend past a single company's listing. Anthropic's offering is positioned to be the largest IPO in history, and its reception will serve as a referendum on how public investors price hypergrowth AI businesses whose revenues have scaled faster than almost any software company on record. A valuation of up to $1.405 trillion, anchored to $33.2 billion in nine-month revenue and an $81 billion run rate, embeds specific assumptions about how long triple-digit growth can persist.

The strategic landscape amplifies the significance. Nvidia and Alphabet, two of the leading AI companies, are participating in the $26 billion private placement — meaning key players in the AI supply chain are taking equity positions ahead of the listing. And with OpenAI deferring its own IPO to next year, Anthropic will carry the sector's public-market test alone.

Cramer's own framing tied the deal to the broader market. The offering being confirmed, in his words, is "bullish for tech and the AI trade" — a signal that the capital markets remain open for large AI financings at valuations that would have been unthinkable two years ago.

What happens next?

The timeline is fixed: pricing on Nov. 18, trading the following day. Between now and then, investors will weigh the 47% sequential growth figure against the 900% net revenue retention and the $81 billion run rate, and decide whether $1.405 trillion is a price worth paying. Cramer, for his part, has already answered: the growth rate is the key, and in his judgment it is sufficient.