{"version":1,"type":"story","url":"https://digestai.news/story/new-constructs-values-anthropic-at-150-billion-ahead-of-potential-2-tr","json":"https://digestai.news/story/new-constructs-values-anthropic-at-150-billion-ahead-of-potential-2-tr.json","markdown":"https://digestai.news/story/new-constructs-values-anthropic-at-150-billion-ahead-of-potential-2-tr.md","slug":"new-constructs-values-anthropic-at-150-billion-ahead-of-potential-2-tr","headline":"New Constructs values Anthropic at $150 billion ahead of potential $2 trillion IPO","summary":"New Constructs, an independent financial research provider, released a report on Tuesday valuing Anthropic at $150 billion, far below the potential $2 trillion market cap the company is reportedly targeting for a Nasdaq IPO. The firm called the offering the 'most ridiculous IPO of 2026' and said Wall Street faces an 'unprecedented test of investor gullibility.' To justify a $2 trillion valuation, New Constructs estimates Anthropic would need to earn double Nvidia's trailing twelve-month profit, which exceeded $190 billion over the past four quarters. Anthropic's 2025 revenue was $4.6 billion with a net loss of $42 billion, according to Reuters citing a leaked prospectus. The firm cited Anthropic's mounting losses, competition from open-source models, and lack of a viable business model as reasons for its bearish stance. New Constructs also referenced Anthropic's own claim of a $65 billion annualized revenue run rate as of July 2026 and the New York Times' September projection of $100 billion in annualized revenue by end-2026. Anthropic did not respond to a request for comment, and New Constructs acknowledged it has not seen the actual S-1 filing.","keyPoints":["New Constructs values Anthropic at $150 billion, far below the potential $2 trillion IPO target","Anthropic's 2025 revenue was $4.6 billion with a $42 billion net loss per Reuters","New Constructs says Anthropic would need double Nvidia's $190B profit to justify $2T valuation"],"whyItMatters":"The report highlights a growing divergence between AI hype and financial fundamentals, warning investors about potential overvaluation in the AI sector as major players like Anthropic approach public markets.","category":{"slug":"policy","name":"Policy & Regulation","url":"https://digestai.news/category/policy"},"entities":{"companies":["Anthropic","New Constructs","Nvidia","Reuters","New York Times","WeWork"],"models":[],"people":["David Trainer"]},"firstPublishedAt":"2026-10-07T22:29:41Z","updatedAt":"2026-10-07T22:29:41Z","sourceCount":1,"hasPrimarySource":false,"sources":[{"outlet":"cnbc.com","title":"Research Firm Calls Anthropic's IPO 'Unprecedented Test of Investor Gullibity'","url":"https://cnbc.com/2026/10/07/anthropic-will-be-most-ridiculous-ipo-of-year-analyst-says.html","publishedAt":"2026-10-07T22:29:41Z","type":"press","primary":false,"lead":true}],"sourceNotes":null,"discussions":[{"site":"Hacker News","url":"https://news.ycombinator.com/item?id=50051583","points":241}],"thread":null,"cite":{"text":"Digest AI, \"New Constructs values Anthropic at $150 billion ahead of potential $2 trillion IPO\", 7 October 2026, https://digestai.news/story/new-constructs-values-anthropic-at-150-billion-ahead-of-potential-2-tr","publisher":"Digest AI","title":"New Constructs values Anthropic at $150 billion ahead of potential $2 trillion IPO","datePublished":"2026-10-07T22:29:41Z","url":"https://digestai.news/story/new-constructs-values-anthropic-at-150-billion-ahead-of-potential-2-tr"},"generatedBy":"Written by Digest AI's editorial model from the linked sources; the sources are the record.","license":"Headlines, digests and key points are written by Digest AI and may be quoted with a link to the story page. Linked articles belong to their publishers. Terms: https://digestai.news/terms#reuse"}