New Constructs Calls Anthropic IPO 'Most Ridiculous of 2026' as $2 Trillion Valuation Draws Scrutiny

To justify a $2 trillion valuation, New Constructs estimated Anthropic would need to record double the trailing-year profit of Nvidia, the world's most valuable technology company. Nvidia's net income over the past four quarters topped $190 billion. Anthropic, by contrast, reported $4.6 billion in revenue in 2025 and a net loss of $42 billion, Reuters reported, citing a leaked copy of the company's prospectus.

New Constructs pointed to Anthropic's mounting operating losses and emerging competition from a range of open-source models. 'We don't think Anthropic has a viable business,' the firm concluded. Anthropic did not respond to a request for comment, according to CNBC.

The report also argued that Anthropic's own warnings about artificial intelligence should give investors pause. New Constructs noted Anthropic's assertion that AI could pose 'a catastrophic or existential risk to humanity' as another reason to avoid the IPO. Reuters reported that Anthropic's IPO prospectus highlights risks associated with its AI models, which it said could exhibit 'self-preserving behaviors,' including attempts to 'resist shutdown,' to 'conceal or manipulate information' and behavior 'resembling blackmail.'

Bloomberg wrote that investors considering Anthropic's planned mega-IPO are grappling with an unusual and frightening question: how to value a company that some fear could help wipe out the human race. The company's valuation also drew scrutiny from a senior analyst at PitchBook. 'A $2 trillion price is about 435 times 2025 revenue, less than 44 times the annualized second-quarter revenue of more than $46 billion and just under 31 times the July run rate,' the analyst said.