New Constructs criticizes Anthropic's IPO valuation

An independent financial research firm, New Constructs, has called the upcoming initial public offering (IPO) of Anthropic, an artificial intelligence (AI) company, the "most ridiculous IPO of 2026." The firm argues that Anthropic's target valuation of $2,000 billion is vastly higher than its own estimate of $150 billion.

Anthropic's financial performance contrasts sharply with competitors

To justify its high valuation, Anthropic would need to have made a profit over the past year that is twice that of Nvidia, the world's most valuable company. However, over the past four quarters, Nvidia reported a net profit of nearly $190 billion, while Anthropic recorded a net operating loss of more than $8 billion in 2025, with total losses reaching $42 billion.

Anthropic's background and goals

Anthropic, a U.S. public benefit corporation based in San Francisco, focuses on AI development and safety. It was founded in 2021 by former OpenAI members, including Daniela Amodei and Dario Amodei, who now hold leadership roles. Its flagship product is Claude, a series of proprietary large language models (LLM). The company is preparing for an IPO in the fall of 2026, with a reported valuation of $965 billion as of May 2026.

Anthropic's IPO could set a new fundraising record

Anthropic is preparing to file the necessary documents for its IPO, which could raise more than $75 billion, matching or exceeding the record set by SpaceX in 2020. No previous technology sector IPO had raised that much capital. The filing will provide external observers with their first detailed look at the company's finances and could help Anthropic surpass OpenAI in the stock market.

New Constructs cites financial and market concerns

New Constructs has expressed skepticism about Anthropic's IPO due to the company's increasing operating losses and the rise of open-source AI models. The firm argues that proprietary AI models like Anthropic's will struggle to generate profits in a market increasingly dominated by open-source alternatives.

New Constructs' track record with IPO warnings

New Constructs has previously criticized other high-profile IPOs, such as WeWork in 2019 and Allbirds in 2021. WeWork abandoned its IPO due to low demand and financial concerns, later filing for bankruptcy in 2023. Allbirds sold its assets for a fraction of its IPO valuation and shifted focus to AI. Despite past inaccuracies, New Constructs founder David Trainer continues to voice his skepticism.

Ethical concerns over AI's potential risks

New Constructs also warns investors to avoid Anthropic's IPO due to concerns about AI's potential to pose catastrophic risks to humanity. This comes as executives from AI companies like OpenAI and Anthropic are reportedly preparing for possible negative public and political reactions to major AI-related incidents, including cyberattacks that could disrupt critical infrastructure.