New Constructs calls Anthropic IPO 'most ridiculous' of 2026

Research firm New Constructs slammed Anthropic's upcoming Nasdaq listing as the 'most ridiculous IPO of 2026,' valuing the company at just $150 billion against its reported $2 trillion target. Anthropic posted $4.6 billion in 2025 revenue and a $42 billion net loss, according to leaked prospectus figures.

• Anthropic reportedly seeks a $2 trillion valuation on Nasdaq
• New Constructs values the company at just $150 billion
• Anthropic's 2025 revenue was $4.6 billion with a $42 billion net loss
• A $2 trillion valuation would require profit double Nvidia's $190 billion