Research firm New Constructs calls Anthropic's planned $2 trillion IPO the most ridiculous of 2026
Overview
Independent research firm New Constructs has called Anthropic's planned Nasdaq IPO, which targets a $2 trillion market cap, the most ridiculous offering of 2026.
The firm values Anthropic at $150 billion and argues the valuation is unreachable: it estimates Anthropic would need to earn double the trailing annual profit of Nvidia, the world's most valuable tech company. Citing reported 2025 revenue of $4.6 billion and a net loss of $42 billion from a leaked prospectus, New Constructs concludes that "We don't think Anthropic has a viable business," pointing to mounting operating losses and competition from a growing number of open-source models.
The criticism is the firm's own assessment. Anthropic did not respond to a request for comment.
Written by AI from the articles below · updated Oct 8, 8:56 PM ET
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- CNBC · TechnologyAnalyst calls Anthropic's planned $2 trillion IPO the year's most ridiculous
AIResearch 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.
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