On November 10, 2026, AI developer Anthropic filed updated paperwork for an initial public offering (IPO) that could become the largest in corporate history, according to a report from CNBC. Commenting on CNBC's "Mad Money," host Jim Cramer highlighted that the Claude developer's rapid revenue trajectory helps justify its target valuation of up to $1.405 trillion.
Under the updated prospectus, Anthropic plans to offer 825 million shares priced between $70 and $78 per share. At the top end of that range, the public offering would raise $64.35 billion on a fully diluted basis. The company plans to price its shares on November 18, 2026, and commence public trading on November 19, 2026. In addition to the public offering, Anthropic arranged a separate $26 billion private placement backed by leading technology companies, including Nvidia and Alphabet. Combined, the total capital raise could surpass SpaceX's previous record raise from June 2026.
Financial disclosures in the filing show Anthropic generated $33.2 billion in revenue during the first nine months of 2026, representing a 1,206% increase compared to the prior-year period. Growth has been largely driven by enterprise adoption of its Claude Code AI coding agent. As of late 2026, Anthropic reported over 11,900 customers spending more than $100,000 annually, up from roughly 1,500 at the end of 2025. Net revenue retention stood at approximately 900% at the end of September 2026.
Sequential quarterly revenue growth moderated to 47% in the third quarter of 2026, down from 144% in the second quarter. Cramer observed that while the law of large numbers naturally moderates growth rates as a firm expands, increased competition from OpenAI and enterprise spending scrutiny could also be contributing factors. Meanwhile, OpenAI pushed its own IPO plans into next year. Despite the sequential slowdown, Anthropic reported an annualized revenue run rate of $81 billion at the end of October 2026, putting it within reach of $100 billion by the end of the year if current momentum persists.
