Anthropic is targeting a $2 trillion market cap on the Nasdaq, but research firm New Constructs values the AI company at only $150 billion and calls its upcoming offering the “most ridiculous IPO of 2026”. The company generated $4.6 billion in revenue in 2025 against a net loss of $42 billion, while to justify its desired valuation it would need to earn double Nvidia’s net income of $190 billion over the past four quarters. New Constructs, which accurately predicted the failure of WeWork’s IPO in 2019, believes this listing is primarily designed to provide liquidity for Wall Street backers rather than generate wealth for public market investors.
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