Jim Cramer Sees Anthropic IPO as Key to AI Sector Rebound

On Monday, Jim Cramer stated that a genuine comeback for AI stocks depends on Anthropic's IPO. Later that day, Reuters reported the company withdrew the share price range it had provided to bankers.

The retraction hit crypto traders immediately. Hyperliquid, a decentralized derivatives platform, saw Anthropic's pre-IPO perpetual futures contract drop by almost 7%.

Why Cramer Positions Anthropic at the AI Food Chain's End

Cramer's reasoning focuses on the ultimate payer for the AI infrastructure buildout. Chipmakers and data center operators profit from that expenditure, but the returns rely on a handful of AI developers generating sufficient revenue.

“Anthropic is important because it is one of just a few companies at the end of the food chain for all of the AI data center investments that we’ve seen..,” he said.

SpaceX illustrates the chain's tight linkage. Per Anthropic's IPO prospectus, its monthly compute commitment to SpaceX rose from $1.25 billion to more than $3 billion.

These contracts help finance SpaceX's Nvidia chip acquisitions. Cramer cautioned that if an Anthropic deal falls through, the company might not have the funds to fulfill them. Forecasts for SpaceX, Nvidia and other compute providers would then be revised downward.

Meanwhile, Alphabet, Amazon and Nvidia are exposed to a second risk. Each holds Anthropic stakes, meaning a reduced valuation would impact their earnings.

The $70–$80 Pricing Range Anthropic Withdrew

Investor demand for the IPO seems to have waned. Anthropic's possible valuation had reportedly climbed as high as $2 trillion previously. Now, some sources cite figures as low as $1 trillion.

The withdrawn filing provided the initial glimpse of pricing. Emails reviewed by Reuters indicated roughly 867 million shares priced between $70 and $80 each.

At those figures, the offering would generate approximately $60.7 billion to $69.3 billion. Anthropic subsequently emailed bankers once more, deeming the pricing information inaccurate. It stated an updated filing would be provided.

Crypto traders are meanwhile establishing their own price. Hyperliquid's pre-IPO perpetual ANT contract was trading at $98.31 on Tuesday morning.

🚨BREAKING: Anthropic RETRACTS details on IPO pricing sent to bankers, calls it inaccurate. $ANT pre-IPO perpetual on Hyperliquid crashed nearly -7% following reports today that the company retracted IPO pricing details shared with bankers, stating they were inaccurate. … https://t.co/NguxQd1YvM

— Coin Bureau (@coinbureau) November 10, 2026

That level is roughly 23% above the upper end of the withdrawn range.

Anthropic's amended filing will reveal which price prevails. According to The Wall Street Journal, trading could start as soon as November 19 or 20. That listing will also indicate if public markets continue to support the AI investment Cramer outlined.