AI firm Anthropic prepares for potential record-breaking IPO

The developer of Claude filed revised IPO documents on Tuesday, outlining plans to offer 825 million shares priced between $70 and $78 each. This offering could generate up to $64.35 billion and value the company at as much as $1.405 trillion when fully diluted. The pricing is scheduled for November 18th, with trading beginning the following day. A separate $26 billion private placement, involving major AI companies like Nvidia and Alphabet, could push Anthropic’s total funding beyond SpaceX’s recent IPO.

“The fact that this deal is on is bullish for tech and the AI trade,” Cramer stated.

Anthropic’s prospectus revealed revenue of $33.2 billion for the first nine months of 2026, a 1,206% increase compared to the previous year. This growth is largely attributed to enterprise clients, particularly the adoption of Claude Code. “Anthropic’s tantalizing growth rate is the key reason why this should be the largest IPO in history,” Cramer noted.

The company now serves over 11,900 clients, each spending more than $100,000 annually, a significant increase from approximately 1,500 at the end of 2025. Existing customers are also significantly increasing their spending, with a net revenue retention rate of roughly 900% as of September, indicating a ninefold increase in spending compared to the prior year.

While quarter-over-quarter growth peaked in the second quarter, slowing to 47% in the third quarter from 144% in Q2, Cramer acknowledged the impact of the “law of large numbers.” He emphasized that a 47% sequential growth rate remains impressive. Increased competition from OpenAI and potential customer scrutiny of AI spending could also be contributing factors.

Anthropic’s annualized revenue run rate, calculated based on the most recent month’s sales, reached $81 billion in October, suggesting a potential to reach $100 billion by the end of the year if the current trend continues.

“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.”