Anthropic's record IPO could reshape the AI market, Cramer says

Anthropic filed updated IPO paperwork Tuesday, planning to offer 825 million shares at $70 to $78 each, potentially raising $64.35 billion and valuing the company at up to $1.405 trillion, which CNBC's Jim Cramer says could make it the largest IPO in history. The company reported $33.2 billion in revenue for the first nine months of 2026, up 1,206% year-over-year, driven by enterprise adoption of its Claude Code AI coding agent. Anthropic has over 11,900 customers spending more than $100,000 annually, with a net revenue retention rate of approximately 900%. Quarter-over-quarter growth slowed to 47% in Q3 from 144% in Q2, which Cramer attributed to the law of large numbers, though competition from OpenAI and customer spending scrutiny may also be factors. Anthropic's annualized revenue run rate reached $81 billion at the end of October.