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CNBC’s Jim Cramer, the Mad Money host who ran his own hedge fund for 14 years before joining television, describes Anthropic’s upcoming initial public offering as the single most consequential public listing the artificial intelligence industry has produced.

His argument is simple. Anthropic’s IPO will not just price one AI company. It will price the entire AI trade that has pushed the Nasdaq to record highs for most of 2025 and 2026.

Anthropic builds Claude, a family of AI models that compete directly with OpenAI’s ChatGPT and Google’s Gemini. The company makes money from a consumer subscription, a developer API, and enterprise contracts with banks, law firms, and large software companies.

Anthropic booked approximately $19.7 billion in revenue for the 12 months ended June 30, 2026. The company also disclosed a net loss of about $80.7 billion for the first half of 2026 in its S-1, reflecting the cost of training new models and building data-center capacity.

Anthropic filed its S-1 on October 26 and plans to list on the Nasdaq under the ticker ANT, with the roadshow expected to start the week of November 9 and pricing eyed for the week of November 16.

How the Anthropic listing could redirect money across the AI group

Cramer has argued on Mad Money that a listing this large will "suck a massive amount of money away from the rest of the group," referring to Nvidia, Microsoft, Amazon, and Alphabet. Institutional buyers who want an allocation in ANT will likely sell other AI positions to free up cash.

The flip side is a positive case for the whole sector. A strong Anthropic debut, Cramer said, "will give investors much more confidence that the AI data center theme has legs." That would validate the capital spending plans every hyperscaler has pushed through this year.

Dan Ives of Wedbush Securities, who has covered enterprise technology for more than two decades and ranks among the most-cited AI analysts on the Street, has described Anthropic’s listing as a potentially generational moment for AI investors, arguing a clean debut would reset valuations across the sector.

Why Amazon, Alphabet, Microsoft, and Nvidia all have a direct stake in the outcome

Amazon and Alphabet carry the most direct exposure. Both companies hold large equity stakes in Anthropic from earlier funding rounds, and both sell it cloud capacity. A strong ANT debut lifts the carrying value of those stakes and backs up their cloud revenue outlook going into 2027.

Nvidia supplies the GPUs that power Claude’s training runs and has committed up to $10 billion to Anthropic directly. Microsoft added a $5 billion investment and secured a $30 billion Azure cloud commitment from Anthropic, giving it new exposure to the Claude ecosystem beyond its longstanding OpenAI relationship.

What everyday investors should actually watch between now and pricing

Cramer’s framing matters for retail investors who do not get an IPO allocation. Three signals will tell ordinary readers whether the AI trade is holding up: how aggressively ANT trades in its first few sessions, how Amazon and Alphabet discuss Anthropic-related cloud revenue on their next earnings calls, and whether Nvidia’s November results show continued AI spending from frontier labs.

The risks are real. Anthropic’s S-1 flags purchase commitments approaching $895 billion over the next two decades, and the company recently spent $3.4 billion on 1.7 gigawatts of gas-fired generators to bypass crowded utility grids. Those commitments translate into years of required revenue growth before the losses close.

For everyday readers, the practical takeaway is that ANT’s debut will likely reprice the stocks already in their retirement accounts, from Nvidia to Microsoft to Alphabet. Watching how the market treats the opening day gives a reliable signal for whether to add, trim, or hold through year-end.

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.