Analyst calls Anthropic's planned $2 trillion IPO the year's most ridiculous

Research firm New Constructs values Anthropic at $150 billion and calls its planned Nasdaq IPO, targeting a $2 trillion market cap, the most ridiculous offering of 2026.

It cites reported 2025 revenue of $4.6 billion and a net loss of $42 billion from a leaked prospectus, and argues open-source competition makes Anthropic's business unviable. Anthropic did not respond to a request for comment.