Anthropic is reportedly preparing to list on the Nasdaq before Thanksgiving at a potential $2 trillion valuation, but independent research firm New Constructs is urging investors to steer clear. In a report published Tuesday, the firm called the offering the 'most ridiculous IPO of 2026' and said it values the AI company at just $150 billion.
The criticism centers on Anthropic's financials. According to a leaked prospectus cited by Reuters, the company generated $4.6 billion in revenue in 2025 while posting a net loss of $42 billion. New Constructs argues that reaching a $2 trillion market cap would require Anthropic to earn double the trailing-year profit of Nvidia, which topped $190 billion over the past four quarters.
Anthropic's financials under scrutiny
The leaked figures have raised serious questions about Anthropic's path to profitability. New Constructs points to mounting operating losses and growing competition from open-source AI models as key risks, concluding bluntly: 'We don't think Anthropic has a viable business.'
The firm also highlighted Anthropic's own warnings that AI could pose a catastrophic risk to humanity, calling it another reason for investors to avoid the IPO. 'The reports of the leaked financials reveal more than enough to assess the gargantuan risks,' New Constructs wrote.
- 2025 revenue: $4.6 billion
- 2025 net loss: $42 billion
- Projected annualized revenue by end of 2026: $100 billion (per New York Times report)
- Annualized revenue run rate at end of July: $65 billion (company claim)
