Netflix should probably be worth way more than its market value, CNBC’s Jim Cramer said Monday.

“When I look at Netflix and I look at their scalable model, obviously people continue to think, ‘How could this company only be valued at $80 billion if it’s going to be your worldwide cord cutting play?'” Cramer said on “Squawk on the Street.”

Netflix is scheduled to report third-quarter earnings after Monday’s close.

The video streaming giant’s shares were up midmorning Monday and earlier in the session hit a record high. Analysts at Goldman Sachs predicted the company will post subscriber gains above expectations.

Cramer said Netflix must show its investors acceleration in both domestic and international subscribers.

“And they may actually be able to do it because — you remember — they put through a price increase,” the host of CNBC’s “Mad Money” said.

The company said earlier this month that it was raising the monthly price of some of its streaming plans.

Cramer also said there’s “very little skepticism” about Netflix’s latest quarter. “Which leads me to believe that it’ll either be up really big tonight or it’ll be down a little bit and be up really big tomorrow,” Cramer said.

— CNBC’s Fred Imbert contributed to this report.