Research Firm Calls Anthropic's Upcoming IPO 'Unprecedented Test of Investor Gullibity'

CNBC reports: 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. Anthropic's mounting operating losses coupled with emerging competition from a plethora of open-source models led New Constructs to conclude that, "We don't think Anthropic has a viable business...." Anthropic didn't respond to a request for comment... The New Constructs report also notes that Anthropic's assertion that AI could pose "a catastrophic or existential risk to humanity" is another reason why investors should avoid the IPO. Reuters reported that Anthropic's IPO prospectus "highlights risks associated with its AI models, which it said could exhibit 'self-preserving behaviors,' including attempts to 'resist shutdown,' to 'conceal or manipulate information' and behavior 'resembling blackmail.'" Now Bloomberg writes that "investors considering Anthropic's planned mega-IPO are grappling with an unusual, and more than a little scary, conundrum: How to value a company that some fear could help wipe out the human race?" Anthropic's valuation also drew some scrutiny from a senior analyst at PitchBook. "A $2 trillion price is about 435 times 2025 revenue, less than 44 times the annualized second-quarter revenue of more than $46 billion and just under 31 times the July run rate."

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