The future remains bright for Facebook, CNBC's Jim Cramer said Thursday, moments before the social media stock reached a record high.
Reporting much better-than-expected earnings and revenue growth after the bell Wednesday, Facebook has the best operating leverage of any company Cramer has seen in his long career. The social media company has yet to monetize all of its features, and it has enough space between revenue and costs to untether itself from its current social media platforms, Cramer said.
"The revenues are so overwhelming the expenses, and they're hiring like mad," Cramer said on "Squawk on the Street." "They can be what they want. … They have so much data, Facebook can be anything it wants because it has 1.23 billion people."
(Read more: 'Mobile shift is happening,' Facebook execs say)
Facebook shares reached $62.30 a share in the first half hour of trading Thursday, surpassing its previous high in July. The company went public in May 2012 at $38 per share. (Click here for the latest stock price.)
Calling the company a "juggernaut," Cramer said the stock still remains cheap, despite its 97 percent runup in the past year, taking into account Thursday's trading. The main reason behind Cramer's bullishness? People like the ads on Facebook, at least according to executives on Facebook's earning call, he said.
It's hard to pin down what Facebook can be worth in 2016 based on this "awesome" quarter, Cramer said. It's one of the best companies in the mobile space, along with Twitter, and it combines traditional media into a single product, he said.
(Read more: Facebook's promise of growth: A portfolio of apps)
Instagram remains a hot social media network, Cramer said, and the company saw a 76 percent increase in revenue, half of which comes from mobile. Facebook COO Sheryl Sandberg told CNBC on Wednesday that a French Coca-Cola ad had a better investment return on Facebook than it would have on television.
"This is radio, TV, and newspapers—combined," Cramer said.
—By CNBC's Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from "Squawk on the Street."