Anthropic will be 'most ridiculous IPO' of year, analyst says — SkimNews
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- New Constructs labeled Anthropic's upcoming IPO the "most ridiculous IPO of 2026" in a Tuesday report, valuing the AI company at $150 billion against a targeted $2 trillion Nasdaq market cap.
- Anthropic generated $4.6 billion in 2025 revenue while posting a $42 billion net loss, per Reuters citing a leaked prospectus.
- Nvidia's trailing four-quarter net income of $190 billion would need to be doubled by Anthropic to justify a $2 trillion valuation, per New Constructs' estimate.
- Trainer's firm previously called WeWork — then privately valued at $47 billion — "the most ridiculous IPO of 2019"; WeWork pulled its offering weeks later and filed for bankruptcy in 2023, but New Constructs was wrong on DoorDash, which holds an $83 billion market cap.
- Anthropic has claimed AI could pose "a catastrophic or existential risk to humanity," which New Constructs flagged as another reason investors should avoid the IPO.
- The New York Times reported in September that Anthropic was on pace for $100 billion in annualized revenue by end of 2026, while the company claimed a $65 billion annualized run rate at the end of July.
Why it matters: For public market investors weighing the offering, New Constructs argues Anthropic's $2 trillion target demands it double Nvidia's $190 billion trailing net income — a leap from the $42 billion net loss and $4.6 billion in 2025 revenue reportedly shown in the leaked prospectus, contingent on the firm's own $65 billion revenue run rate scaling to the $100 billion the Times projects by end of 2026.
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