New Constructs values Anthropic at $150B ahead of $2T IPO

Independent research firm New Constructs valued Anthropic at just $150 billion as the company heads toward a potential $2 trillion market cap on the Nasdaq. Reuters reported Anthropic's 2025 revenue was $4.6 billion with a $42 billion net loss, and reaching a $2 trillion valuation would require double Nvidia's trailing-year profit.

• New Constructs called Anthropic's upcoming offering the "most ridiculous IPO of 2026"
• Anthropic's 2025 revenue was $4.6 billion with a $42 billion net loss
• Nvidia's net income over the past four quarters topped $190 billion
• $2 trillion is about 435 times 2025 revenue and under 31 times the July run rate