New Constructs calls Anthropic the 'most ridiculous IPO of 2026', values it at $144bn

Research firm New Constructs called Anthropic's upcoming listing "the most ridiculous IPO of 2026" and valued the company at as little as $144bn — 93% below its reported $2tn target. Anthropic told investors its Q3 revenue reached $16.8bn, and Bloomberg reports the listing could come as soon as mid-November.

• New Constructs values Anthropic at $144bn versus a $2tn target
• Anthropic's Q3 revenue reached $16.8bn
• A $2tn valuation would require 1,000% revenue growth in 2026 and a 10% margin
• Bloomberg says the listing could come as soon as mid-November