Anthropic is moving toward a public listing that could value the AI developer at up to $1.405 trillion, with the company and existing shareholders offering 825 million shares at $70 to $78 each. The IPO is expected to raise as much as $64.35 billion, and early indications suggest robust interest. Bloomberg reported that orders have reached roughly six times the available shares, though allocations and demand can shift before pricing.
Despite the enthusiasm, CNBC's Jim Cramer has voiced caution, pointing to three areas of concern that could undermine the company's valuation. His worries center on the falling prices of AI models, the sustainability of revenue growth, and the potential commercial impact of Anthropic's safety-first approach.
Pricing Pressure Intensifies
Anthropic has reduced prices on several Claude models as competition from OpenAI, Google, and other developers heats up. While cheaper services can attract more users, they also require significantly higher usage to maintain revenue momentum. The company reported $33.2 billion in revenue for the first nine months of 2026, a thirteen-fold increase year-over-year. Third-quarter revenue reached $16.96 billion, up 47% from the prior quarter, though sequential growth slowed from 144% in the second quarter.
Cramer acknowledged that October sales remained strong after the price cuts, but he questioned whether that pace can continue if pricing pressure persists. Enrico Chinello, an analyst at Julius Baer, told The Economic Times that "volumes must keep outrunning price deflation to continue to post revenue growth." Higher usage could offset lower prices, but investors need evidence that Anthropic can preserve margins while funding increasingly powerful models.
Revenue Concentration and Heavy Commitments
Cramer's second concern is the reliance on Claude Code, which has become a key driver of enterprise demand. He sees potential in areas like Claude Cowork, cybersecurity, life sciences, and specialized business software, but each must prove it can generate meaningful sales. The stakes are high, given Anthropic's substantial financial commitments.
The prospectus discloses approximately $900.9 billion in computing and infrastructure commitments across multiple years. Around $451.6 billion is expected before the end of 2030, including $70.7 billion due within twelve months after September 2026. These are future commitments, not past expenditures, but they highlight the need for sustained revenue growth.
Anthropic reported $4.08 billion in adjusted operating income for the first nine months, against a $1.26 billion operating loss under standard accounting rules. Adjusted profit excludes certain costs and does not remove future funding requirements. Ipek Ozkardeskaya, an analyst at Swissquote, told Reuters that investors have become more concerned about "the costs of the AI buildout," making this IPO a significant test of appetite for the sector.
Safety Commitments Could Limit Growth
Cramer's third question concerns Anthropic's identity as a public benefit corporation committed to responsible AI development. This could mean additional testing or slower model releases as systems become more capable. That discipline might constrain growth if competitors launch products faster, but it could also attract enterprises that value reliability and security.
Morningstar analyst Malik Ahmed Khan offers a more optimistic view, estimating fair value at $92 per share, above the proposed range. However, his scenarios stretch from $25 in a bearish case to $188 in a bullish one, reflecting considerable uncertainty. "For now, I'll just tell you that I'm wary of doing so," Cramer said on CNBC about recommending shares at their debut.
Anthropic is expected to price the offering on 18 November and begin trading on Nasdaq the following day under the ticker ANT. Strong early demand may support the debut, but longer-term returns will depend on pricing power, new products, and whether safety and computing costs remain manageable.
This article is for informational purposes only and does not constitute financial advice.
