Research Firm Calls Anthropic's IPO 'Unprecedented Test of Investor Gullibity'
Financial research firm New Constructs has labeled Anthropic's upcoming IPO as an 'unprecedented test of investor gullibility,' citing massive operating losses and a questionable $2 trillion valuation. The firm argues that the company's business model is not viable compared to open-source competitors.
Why it matters
This highlights the growing skepticism among financial analysts regarding the sustainability and valuation of high-profile AI startups in the current market.
As Anthropic barrels toward a potential $2 trillion market cap on the Nasdaq, one research firm is valuing the artificial intelligence company at a mere $150 billion and says Wall Street is about to face an "unprecedented test of investor gullibility."
In a report on Tuesday, independent financial research provider New Constructs called Anthropic's upcoming offering the "most ridiculous IPO of 2026."
To reach its desired valuation, the firm estimates Anthropic would need to record double the trailing year of profit for Nvidia , the world's most valuable tech company. Nvidia's net income over the past four quarters topped $190 billion. Meanwhile, Anthropic's revenue in 2025 was $4.6 billion as the company racked up a net loss of $42 billion, according to Reuters , which cited a leaked copy of the company's prospectus.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in