Jim Cramer says Anthropic's explosive growth could justify a record-breaking IPO

What happened

Anthropic has filed updated paperwork for an initial public offering, aiming for a valuation as high as $1.405 trillion. The company plans to offer 825 million shares priced between $70 and $78 each, with pricing scheduled for November 18 and trading to begin the next day. In addition to the IPO, Anthropic will receive a $26 billion private placement from major AI firms including Nvidia and Alphabet. The company's rapid revenue growth, particularly from enterprise adoption of its Claude Code AI agent, has driven these plans.

Key details

• Anthropic reported $33.2 billion in revenue for the first nine months of 2026, a 1,206% increase over the previous year.
• The IPO could raise up to $64.35 billion at the top end of the price range.
• A $26 billion private placement will be purchased by companies such as Nvidia and Alphabet.
• Anthropic has over 11,900 customers spending more than $100,000 annually, up from about 1,500 at the end of 2025.
• The company's net revenue retention rate was approximately 900% at the end of September 2026.

Why it matters

Investors, enterprise customers, and competing AI firms are directly affected by Anthropic's IPO and rapid growth. The offering could set a new record for IPO fundraising, giving Anthropic significant capital to expand its products and compete in the AI market. Enterprise clients now have access to a rapidly scaling AI provider, while rivals must contend with Anthropic's increased resources and market presence.