Research firm New Constructs says Anthropic will be the most absurd IPO of 2026

Independent financial research firm New Constructs said in a report that Anthropic's upcoming IPO is the most absurd IPO of 2026, valuing the company at $150 billion, far below its targeted $2 trillion market cap. The firm estimated that for Anthropic to reach its target valuation, it would need to record twice the profits of Nvidia, the world's most valuable technology company, over the past year, while Nvidia's net profit over the past four quarters exceeded $190 billion. According to Reuters, citing a leaked prospectus, Anthropic's 2025 revenue was $4.6 billion, with a net loss of $42 billion. New Constructs believes that widening operating losses combined with competition from open-source models mean it does not consider Anthropic to have a viable business. The firm also mentioned that Anthropic's statements about AI potentially posing catastrophic or existential risks to humanity are also one of the reasons investors should avoid this IPO.