antropic CNBC’s Jim Cramer said Tuesday that impressive revenue growth will help justify a valuation of more than $1 trillion ahead of what could be the largest initial public offering in history.
The Claude developer filed updated IPO documents on Tuesday outlining plans to sell 825 million shares at a price of $70 to $78 per share. At the high end, the offering raises $64.35 billion, valuing Anthropic at up to $1.405 trillion on a fully diluted basis. The company plans to decide on the stock price on November 18th and begin trading the next day. Separately, it throws in a $26 billion private placement purchased by a major AI company. Nvidia and alphabetAnthropic’s total proceeds could exceed the amount raised from SpaceX’s June IPO.
“The fact that this deal closed is bullish for the technology and AI industry,” the “Mad Money” host said.
According to its latest prospectus, Anthropic reported revenue of $33.2 billion in the first nine months of 2026, up 1,206% year over year. Much of that growth is due to a surge in enterprise customers, particularly the adoption of its AI coding agency, Claude Code. “Anthropic’s attractive growth rate is a key reason this is the largest IPO in history,” Cramer said.
The company now has more than 11,900 customers who spend more than $100,000 annually, up from about 1,500 customers at the end of 2025. The amount spent by existing customers has also increased dramatically, with Anthropic reporting a net revenue retention rate of approximately 900% at the end of September, meaning customers were spending approximately nine times more than a year earlier.
Although Anthropic has seen accelerating revenue growth through the first nine months of this year, the company’s sequential growth rate appeared to peak in the second quarter, slowing from 144% in the second quarter to 47% in the third quarter. “To some extent, this is the law of large numbers at work. I want to be clear that 47% sequential growth is still very impressive,” Kramer said.
He said some slowdown is inevitable as the company grows, but increased competition from OpenAI and the possibility that customers are starting to scrutinize their AI spending could also be factors. One thing is for sure: Anthropic won’t have to compete for position with OpenAI, which has postponed its IPO plans to next year.
Additionally, Anthropic’s annual revenue run rate predicts annual revenue based on the most recent month of sales, suggesting that demand remains strong. Frontier AI Labs reported an annual revenue run rate of $81 billion at the end of October, which could reach $100 billion by the end of the year if current momentum continues.
“It’s good to see it’s still growing well,” Kramer said. “In terms of Anthropic’s revenue and growth rate, which is the main subject of tonight’s review, this is no mean feat, even if it’s just slightly above its peak in terms of growth.”
