"If you feel like you've missed it after this staggering move, don't worry," Cramer said. "In the words of Bachman Turner Overdrive, you ain't seen nothing yet."
"This is the beauty of IAC's business model," Cramer said. "When they have an incredible brand that investors desperately want to own, they spin it off so it can get an independent valuation."
Its current portfolio includes Dictionary.com, Vimeo and the Daily Beast. IAC is also the parent company to two publicly traded companies, ANGI Homeservices and Match Group — owner of Match.com and Tinder.
It's that last subsidiary that's been making waves for IAC recently. Tinder's co-founders are suing the company for at least $2 billion, claiming that IAC and the dating app's parent company Match Group had manufactured a lower valuation for Tinder to deny them stock options.
After they filed the lawsuit on Tuesday, IAC's stock has dropped 5 percent from its highs earlier in the week. According to Cramer, the suit makes the internet-focused holding company even more attractive.
"IAC basically called the whole thing sour grapes, and I'm inclined to agree with them," Cramer said.
Another opinion from IAC that Cramer agrees with is about its stock price. The New York-based company has been buying back its own shares, in part because the math isn't adding up. Cramer calculated that the IAC's stakes in ANGI Homeservices and Match Group is worth almost $19 billion.
Yet IAC's own market capitalization is $15.5 billion, meaning that the company is trading like it's worth negative $3 billion.
Cramer admits that not all of IAC's segments are "on fire." Take its apps division, for example, which is still heavily geared toward a desktop-based world, but it's been shifting toward mobile and the unit is profitable.
He also likes other assets from IAC beyond ANGI Homeservices and Match Group. Its publishing business, from Dotdash to Investopedia to CityGrid, is profitable and grew 76 percent last quarter.
Another Cramer favorite is the video-sharing website Vimeo. While Netflix, YouTube and Amazon are in the middle of a rat race, Vimeo doesn't try to compete with them with original content or selling advertising. Instead, the site sells subscription software to the video-makers.