Wall Street spent much of 2026 waiting for the AI giants to go public. Now that the moment is arriving, one of the market’s loudest voices is asking whether investors have enough money to buy them all. It is a question about supply, not about whether AI works.
The timing is hard to ignore. Anthropic filed its public IPO paperwork on Oct. 26, and reports have said the listing could value the company at $1.5 trillion to $2 trillion.
That would put it in the same league as SpaceX, which listed in June, according to Reuters. Its arrival turns a long-running debate into a live test.
Anthropic’s filing puts a price tag on the AI boom
The prospectus shows how quickly the business has grown. Anthropic reported $16.3 billion in revenue for the first half of 2026 and plans to list on Nasdaq under the ticker ANT, aiming for a mid-November debut. It reported an operating loss of $693 million over the same period.
Also read: Meta and Microsoft just sent employees a memo about Anthropic
The spending is just as striking. Anthropic disclosed future obligations of roughly $518 billion for compute, covering data centres, equipment and cloud services, in an earlier filing. By the time it filed its S-1 on Oct. 26, Reuters reported those commitments had grown to more than $600 billion across approximately eight partners.
It is also paying SpaceX about $1.25 billion a month for access to the Colossus data center in Tennessee, under a deal running through May 2029. Commitments of that size require steady access to capital.
That is the kind of scale behind Cramer’s worry. Even before the public filing, Anthropic had told investors it expected to spend at least $518 billion over the next decade building AI infrastructure with six partners, according to TheStreet. That figure climbed further by the time the S-1 was filed. Axios editor Dan Primack said the S-1 marked a shift toward using public markets to finance compute spending.
Key details are still missing. The prospectus did not say how many shares Anthropic will sell or at what price, and it flagged risks from AI itself as well as to the company’s business model. The size of the raise will go a long way toward answering Cramer’s question.
A crowded market for new shares
SpaceX set the tone in June with the largest IPO on record. Its total proceeds reached $85.7 billion after underwriters exercised their option to buy additional shares, Reuters reported. That one deal alone soaked up a huge pool of investor cash.
The overall pipeline has been unusually heavy. By early summer, 65 U.S. IPOs had raised $114.1 billion in 2026, more than seven times the amount raised in the same period a year earlier. Cramer now puts the year’s IPO total at $148 billion.
More is on the way. OpenAI filed confidentially earlier this year, and Chief Financial Officer Sarah Friar told employees on Aug. 19 that the company will be public in 2027, and possibly sooner. OpenAI raised $122 billion at an $852 billion valuation in March, the largest private round on record.
The debt market is carrying its share of the load too. Alphabet raised $20 billion in a single bond sale in February, after Meta issued nearly $30 billion in bonds the previous October, Axios reported. Oracle’s bond offerings, the outlet noted, have not fared as well as those from Meta or Alphabet.
Anthropic filed its public IPO paperwork on Oct. 26, and reports have said the listing could value the company at $1.5 trillion to $2 trillion.
Why this is not 2000, and why it still rhymes
There are reasons to think the market can handle it. JPMorgan strategists argued that corporate demand alone may have the capacity to absorb a large share of the equity supply coming to market. Record buybacks and cash-funded mergers both help pull shares off the market.
History offers some comfort as well. Past mega-offerings have not reliably signalled market peaks. That nuance matters for anyone tempted to treat every big listing as a sell signal. Cramer has stressed that today’s AI leaders are so well capitalised the boom does not have to end the way the dot-com era did.
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The real test is how investors price that spending. Anthropic’s IPO will be the first chance for Wall Street to put a public value on its locked-in infrastructure bets, according to TheStreet. A strong reception would ease Cramer’s fears, while a weak one could confirm them.
Profitability will be part of that debate. Anthropic reported a net loss of $80.7 billion through June, though nearly $72 billion of that came from a non-cash accounting charge tied to convertible bonds, not from operations.
Cramer is not calling a top
Supply alone may not end a bull market. Cramer’s point is that it weakens the rally until a bad quarter, a rate hike or a run on margin can finish the job, as reported by CNBC. That is a slow-burn risk rather than a sudden one.
For everyday investors, the signal to watch is how the biggest deals trade after they list. Investors expect Anthropic to go public at a valuation near $2 trillion, which would top SpaceX’s $1.77 trillion IPO valuation. A smooth debut would suggest the market still has room for more.
The AI story itself may be sound. The question Cramer is raising is whether there is enough money to fund it all at once. PitchBook’s John Atkins said in February that as much as half a trillion dollars more in bonds could be issued this year. The next few months of IPOs and bond sales will show whether investors can absorb it all.
Related: Jim Cramer sees something Wall Street may be missing in Broadcom
