New Constructs calls Anthropic's reported $2 trillion IPO valuation excessive
New Constructs, the research firm that criticized WeWork's 2019 IPO, is calling Anthropic the most ridiculous IPO of 2026 and values it at roughly $150 billion versus the $2 trillion Wall Street is reportedly targeting, according to a Reddit post. The post cites Anthropic's prospectus warning of existential risk, revenue growth from $400M in 2024 to $4.6B in 2025 alongside operating losses rising from $3B to $8B, a reported $42B net loss including a $34B accounting charge, $518B in cloud and infrastructure commitments, and over $120B raised privately. It also argues open-source and competing m
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What the sources claim
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New Constructs calls Anthropic the most ridiculous IPO of 2026 and values it at roughly $150 billion rather than the $2 trillion Wall Street is targeting.
“They think Anthropic is worth roughly $150 billion, not the $2 trillion Wall Street is targeting.”
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Anthropic's own prospectus reportedly warns its technology could pose catastrophic or existential risks to humanity.
“Anthropic's own prospectus reportedly warns its technology could pose catastrophic or existential risks to humanity.”
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Anthropic's revenue grew from $400M in 2024 to $4.6B in 2025 while operating losses ballooned from $3B to $8B.
“Revenue grew from $400M in 2024 to $4.6B in 2025, but operating losses ballooned from $3B to $8B.”
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Anthropic's reported $42B net loss includes a $34B accounting charge.
“The reported $42B net loss includes a $34B accounting charge.”
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Anthropic reportedly has $518B in cloud, compute and infrastructure commitments.
“Anthropic reportedly has $518B in cloud, compute, and infrastructure commitments.”
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Anthropic has already raised over $120B privately, and open-source and competing AI models are increasingly matching frontier models at lower prices.
“The company has already raised over $120B privately”
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Sources
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Summary and claims extracted by AI with prompt analyze-story@5 on 2026-10-19 01:50 UTC. Labels are computed from the sources, not by the model.