A warning has emerged that the U.S. stock market bull run could be shaken by major companies going public and expanding capital raising.

On Oct. 26 (local time), Jim Cramer said an ongoing wave of large initial public offerings and share issuance this year could drain the market’s buying power and pressure the rally, CNBC reported.

The warning came as Anthropic filed an IPO registration statement on Oct. 26. Anthropic, which made Claude, is one of the AI listing candidates Wall Street has been watching. The market has long waited for an Anthropic listing alongside OpenAI, but Cramer said their funding needs, separate from expectations, could add strain to an already crowded market.

He cited that $148 billion has been raised through IPOs alone this year and voiced concern that new share supply could exceed investor demand. Cramer said political factors and interest rates could also weaken a bull market, but singled out a surge in IPO supply as the most direct driver of market swings. "If you really want to knock down a bull market, you just keep poking it with the IPO window," he said, adding that repeated increases in share supply could gradually weaken the market.

Cramer drew a line, saying his concern was not a negative judgment on the AI industry itself. He said today’s major technology companies, unlike the speculative internet startups that collapsed during the 2000 dot-com bubble, have tangible businesses and real demand. "This time companies are real, and many are making big money," he said. "We believed in them before, and we will believe in them afterward."

What he likened between the dot-com bubble era and now was not company quality but the scale of fundraising. Back then, large-scale stock issuance continued and eventually exhausted investors’ buying power, with share supply outpacing demand and leading to a market collapse. Cramer said a similar pattern could play out again.

He noted the situation could become more complicated if large companies such as Meta, Alphabet, SpaceX and Oracle also begin pulling funds from capital markets. That is because the money these companies absorb could draw away investment funds that should have gone to S&P 500 components or other stocks. Even if corporate earnings and business foundations are solid, he suggested that, across the market, changing capital allocation could bring broad pressure.

Cramer heightened his caution by citing the debt market and the stock market together. "I think both the debt market and the equity market are running out of money," he said. Even if companies try to raise the funds needed to pursue growth strategies, the market’s capacity could weaken before investors see results.

He added that he was not signaling an immediate peak. "I’m not calling the top," Cramer said. "I just don’t like what I’m seeing right now."

Anthropic’s push to go public is being taken as a sign that AI companies’ entry into public markets is accelerating. But, as Cramer warned, apart from IPO anticipation, how a large supply of new shares will affect overall market supply and demand is expected to remain a key point of focus for some time.