Anthropic will be 'most ridiculous IPO' of year, analyst says
Anthropic reportedly plans to list on the Nasdaq before Thanksgiving, and one bearish advisory firm suggests that investors sit this one out.
TL;DR
- New Constructs estimates Anthropic's market cap at $150 billion, significantly lower than the potential $2 trillion expected.
- The firm calls Anthropic's IPO the 'most ridiculous IPO of 2026' due to mounting operating losses and competition from open-source models.
- Anthropic's estimated revenue for 2025 was $4.6 billion, with a net loss of $42 billion, according to leaked prospectus details.
- To justify a $2 trillion valuation, Anthropic would need to generate double Nvidia's profit, which topped $190 billion in net income.
- New Constructs has a track record of bearish calls on IPOs, including WeWork and Allbirds, which later struggled or failed.
- The firm suggests the IPO's primary goal may be liquidity for backers rather than investor wealth.
- New Constructs also points to Anthropic's own warnings about AI posing existential risks as a reason for investors to be cautious.