Anthropic’s Revenue Growth Could Fuel Largest IPO Ever

• 825 million shares at $70 to $78 each
• Up to $64.35 billion raised at the top of the range
• A fully diluted valuation of up to $1.405 trillion
• Pricing on November 18, with trading starting the next day

A separate $26 billion private placement from leading AI companies, including Nvidia and Alphabet, could push the total haul past the proceeds of SpaceX’s June IPO.

The case for that price rests on growth. Anthropic reported $33.2 billion in revenue for the first nine months of 2026, up 1,206% from the same period a year earlier. Jim Cramer called it the deciding factor on Mad Money: Anthropic’s tantalizing growth rate is the key reason why this should be the largest IPO in history. Much of the expansion has come from enterprise buyers, with surging demand for Claude Code, the company’s AI coding agent, leading the way.

Big Spenders Are Multiplying, and Spending More

Anthropic now counts more than 11,900 customers paying over $100,000 a year, up from roughly 1,500 at the end of 2025. That is close to an eight-fold jump in under a year.

Those customers are also expanding their spend. Net revenue retention stood at about 900% at the end of September, which means the typical customer is paying roughly nine times what it paid a year earlier. The annualized revenue run rate, a projection based on the most recent month’s sales, reached $81 billion at the end of October. If momentum holds, that puts $100 billion within reach by year-end.

Growth Has Slowed From Its Peak

The quarterly picture is less dramatic. Quarter-over-quarter growth reached 144% in the second quarter and fell to 47% in the third. Cramer did not dismiss the drop: To some extent, it’s the law of large numbers at work, and let’s be clear that 47% sequential growth is still very impressive. He added that Anthropic is slightly past the peak, growth-wise.

Tougher competition from OpenAI and closer customer scrutiny of AI spending may also be playing a part. OpenAI has pushed its own IPO plans into next year, which leaves Anthropic as the first frontier AI lab to go public at this scale.

Hashlytics Take

The headline growth figures describe the past. The valuation prices in the future, and our math shows how much future. At the top of the range, $1.405 trillion is roughly 17 times the $81 billion run rate, and that run rate was built when quarterly growth was higher than it is now. Even 47% a quarter compounds to about 4.7 times over a year, so the slowdown does not break the story. It does mean the multiple only works if enterprise customers keep expanding at something close to the pace that produced the 900% retention figure. That number is the one to watch in the first earnings report as a public company, because it will show whether Claude Code adoption is a durable habit or a one-time land grab.