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

Jim Cramer said Anthropic’s rapid growth could support a valuation above $1 trillion and help make its planned share sale the largest initial public offering in history. The company filed updated paperwork proposing to sell 825 million shares, with proceeds potentially reaching $64.35 billion at the top of its price range.

Anthropic reported $33.2 billion in revenue for the first nine months of 2026, up 1,206% year on year, and an $81 billion annualised revenue run rate at the end of October. Its third-quarter sequential growth slowed to 47%, from 144% in the second quarter; Cramer cited the company’s growing scale, competition and closer scrutiny of AI spending as possible factors. A separate $26 billion private placement could take the total raised above SpaceX’s June IPO proceeds.