Analysts Question the Surging Anthropic IPO Valuation
According to a recent CNBC report, Anthropic currently prepares to list on the Nasdaq. The artificial intelligence company ambitiously targets a staggering $2 trillion valuation. However, a prominent research firm has assigned the enterprise a valuation of merely $150 billion. The analysts explicitly stated that Wall Street will soon face an unprecedented test of investor gullibility.
New Constructs Issues a Scathing Review
Independent financial research firm New Constructs published a highly critical report this Tuesday. In this document, New Constructs called Anthropic’s impending IPO the most ridiculous IPO of 2026. The researchers estimate that Anthropic must generate unimaginable profits to justify its desired valuation. Specifically, the startup would need to double the massive profits produced by Nvidia over the past year. Nvidia recorded a net profit exceeding $190 billion over its trailing four quarters. Conversely, Reuters recently cited a leaked copy of the Anthropic prospectus. This document revealed that Anthropic generated $4.6 billion in revenue during 2025. During that same period, the company incurred a staggering net loss of $42 billion.
Anthropic continues to suffer from rapidly expanding operating losses. Furthermore, the company faces fierce new competition from highly capable open-source models. Consequently, New Constructs concluded that Anthropic entirely lacks a viable business model. “Since the emergence of open-source models, it has become apparent that closed-source models will struggle to achieve profitability,” the research firm stated.
Historical Parallels to the WeWork Collapse
Historically, New Constructs founder and CEO David Trainer has built a reputation on Wall Street as a prominent IPO bear. Moreover, his past predictions have frequently proven highly accurate. Before the planned public listing of the shared workspace company WeWork, New Constructs famously labeled it the most ridiculous IPO of 2019. At that time, WeWork proudly held a private market valuation of $47 billion. Yet, just six weeks after the critical report surfaced, WeWork abruptly withdrew its IPO. The cancellation resulted from weak investor demand and intense scrutiny of its financial health. Ultimately, WeWork filed for bankruptcy in 2023.
“While Anthropic contributes far more to society than WeWork ever did, at a $2 trillion valuation, its IPO poses a vastly greater risk,” New Constructs wrote. The firm warned that this listing represents a much larger plunder of the American capital markets. Additionally, the analysts argued that the true purpose of this IPO is not to create wealth for public market investors. Instead, it merely provides an exit liquidity event for the powerful Wall Street backers behind the company. As of this publication, Anthropic has not yet responded to requests for comment.
