Anthropic Eyes $2 Trillion IPO Valuation, Jim Cramer Says the Revenue Backs It Up

Anthropic shareholders expect the artificial intelligence company to go public at more than $2 trillion, the Financial Times reported. CNBC host Jim Cramer defended that number hours later.

Such a price would deliver the largest initial public offering ever completed and vault the company past SpaceX. Anthropic filed confidentially with US regulators in June and entered a quiet period.

Why Anthropic’s $2 Trillion Price Tag Splits Wall Street

Anthropic closed May with annualized revenue above $47 billion. Investors now expect $100 billion to $120 billion by December. That implies more than tenfold growth in a single year.

The company last raised at a $965 billion post-money valuation. A $2 trillion debut would therefore double that mark within months.

Cramer argued the multiple holds up as long as the sales arrive.

One investor told the Financial Times that 800% annual growth justifies at least 30 times revenue. On that basis, Anthropic could clear $3 trillion. By comparison, Palantir and Nebius trade near 55 times sales.

Skeptics focus on durability rather than speed. Patrick Corrigan, a law professor at the University of Notre Dame, questioned whether the fundamentals will catch up.

Whenever there is speculation, there’s also usually substance and fundamentals. The question here is whether the price investors are going to end up paying is going to match up to the substance and fundamentals of what AI is really going to do in the real economy and as a business.

Corrigan

Pricing power remains the softest spot. Anthropic’s Claude model costs roughly 2.5 times more than OpenAI’s flagship, and rivals keep cutting model prices. Cathie Wood, however, argues that open-weight rivals boost revenue at frontier labs instead of eroding it.

Crypto Traders Already Own a Slice of the Trade

Crypto markets priced this listing months ago. Tokens tracking Anthropic trade on PreStocks, Binance Wallet, and several decentralized venues. Solana captured 78% of pre-IPO token volume across the two largest AI names.

Meanwhile, the AI listing wave squeezed digital asset firms out of the calendar. Kraken, Ledger, and Grayscale each paused offerings this year, which turned 2026 into a lost IPO year for the sector.

Morgan Stanley, Goldman Sachs, and JPMorgan lead the Anthropic offering. Therefore, three banks that already dominate AI dealmaking will set the final price.

OpenAI is watching closely. The rival lab bought back $7 billion in employee stock last week as it ramps up listing preparations.

For crypto traders, the read is direct. A $2 trillion Anthropic debut would reset the benchmark that every tokenized pre-IPO market prices against.

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