Analyst Calls Anthropic's Upcoming IPO 'Most Ridiculous' Due to High Valuation and Financial Concerns
New Constructs, an independent financial research firm, has labeled the upcoming initial public offering (IPO) of artificial intelligence company Anthropic as “the most ridiculous IPO of 2026.” The report highlights concerns over Anthropic’s $2 trillion valuation target on Nasdaq and its lack of a viable business model due to growing operating losses. According to New Constructs, for Anthropic to reach this valuation, it would need twice the trailing year's profit compared to tech giant Nvidia. The firm also points out that open-source AI models are increasingly popular, which could undermine closed-model companies like Anthropic in terms of profitability. The report draws a comparison with WeWork’s failed IPO and suggests that Anthropic poses significant risks to U.S. capital markets if it proceeds as planned. Despite the criticism, New Constructs has had mixed success in its previous bearish calls on other high-profile IPOs. Anthropic's financial performance is under scrutiny: 2025 revenue was $4.6 billion while net losses reached $42 billion. The company’s prospectus remains unfiled publicly but leaked reports and media coverage have fueled the debate around its valuation.
Topics: AI IPOs Market Risk Valuation Disputes