New Constructs calls potential Anthropic IPO the most ridiculous of 2026 — CNBC
In the United States, independent research firm New Constructs criticized Anthropic’s potential initial public offering on Nasdaq, calling it the most ridiculous IPO of 2026. As CNBC reports, Anthropic is allegedly seeking a $2 trillion valuation in its upcoming listing.
Valuation and financial performance
New Constructs estimates Anthropic’s value at about $150 billion. According to the firm, to justify the target valuation, the AI developer would need to generate twice as much profit as Nvidia did over the past four quarters. Nvidia’s net profit during that period exceeded $190 billion.
Meanwhile, Reuters, citing a leaked Anthropic prospectus, reported that the company’s revenue totaled $4.6 billion in 2025, while its net loss reached $42 billion. New Constructs links the risks for investors to growing operating losses and competition from open-source models. The firm said it does not consider Anthropic’s business viable.
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The prospectus has not yet been published
Anthropic has not yet published a prospectus, so New Constructs has not reviewed the official IPO filing. In its assessment, the research firm relied on data reported by the media. In particular, The New York Times wrote in September that Anthropic could reach $100 billion in annualized revenue by the end of 2026.
At the end of July, Anthropic said its annual revenue run rate had grown sevenfold year-on-year to $65 billion. The company did not respond to CNBC’s request for comment.
Previous New Constructs forecasts
New Constructs founder and CEO David Trainer had previously criticized a number of IPOs. The company called WeWork the most ridiculous IPO of 2019; the shared-office service later withdrew its listing application and filed for bankruptcy in 2023. At the same time, New Constructs’ forecast for DoorDash in 2020 did not come true: after its stock market debut, the company’s market capitalization exceeded $60 billion and later rose to $83 billion.
