Anthropic has filed updated IPO paperwork to offer 825 million shares priced between $70 and $78, potentially raising up to $64.35 billion and valuing the company at $1.405 trillion on a fully diluted basis. The IPO is set to price on November 18, with trading beginning the next day.
This follows a significant $26 billion private placement from major AI firms like Nvidia and Alphabet, which could push Anthropic's total capital raised beyond SpaceX's recent IPO.
The company reported a staggering $33.2 billion in revenue for the first nine months of 2026, marking a 1,206% increase year-over-year, largely driven by enterprise customers and the adoption of its AI coding agent, Claude Code. Anthropic's customer base has expanded dramatically, with over 11,900 customers now spending more than $100,000 annually, up from about 1,500 at the end of 2025.
The company also boasts a net revenue retention rate of approximately 900%, indicating existing customers are spending significantly more. However, there are signs of deceleration in growth, with a quarter-over-quarter increase of 47% in Q3 compared to 144% in Q2, which could be attributed to increased competition and customer scrutiny of AI expenditures.
Despite this, Anthropic's annualized revenue run rate reached $81 billion at the end of October, suggesting strong ongoing demand. Jim Cramer emphasized that while growth may be slowing, it remains extraordinary, reinforcing the bullish sentiment around the IPO and the broader tech and AI markets