GoKawiilResearch firm New Constructs values Anthropic at $150B, far below rumored $2T IPO target
New Constructs, an independent financial research firm, called Anthropic's upcoming IPO the 'most ridiculous IPO of 2026,' estimating the company's fair value at roughly $150 billion against a reported target of $2 trillion. The firm notes Anthropic posted $4.6 billion in 2025 revenue alongside a $42 billion net loss, and says matching its desired valuation would require profits double Nvidia's trailing annual net income. Anthropic's IPO prospectus also discloses risks that its AI models could exhibit behaviors like resisting shutdown or blackmail-like manipulation.