# New Constructs values Anthropic at $150 billion ahead of potential $2 trillion IPO

Digest AI · Policy & Regulation · published 2026-10-07T22:29:41Z

Canonical: https://digestai.news/story/new-constructs-values-anthropic-at-150-billion-ahead-of-potential-2-tr

## 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.

## Key points

- 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

## Why it matters

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.

## Sources

1. [Research Firm Calls Anthropic's IPO 'Unprecedented Test of Investor Gullibity'](https://cnbc.com/2026/10/07/anthropic-will-be-most-ridiculous-ipo-of-year-analyst-says.html) (cnbc.com, 2026-10-07)

## Cite

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

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