Research firm calls Anthropic the ‘most ridiculous IPO of 2026’, says it may be worth $144bn
New Constructs says a $2tn Anthropic would need twice Nvidia’s profits by 2035. PitchBook sees fast growth but not a $2tn company, and the prospectus asks investors to price an AI that could go rogue.
Via TNW | Anthropic

Anthropic’s planned stock market debut is “an unprecedented test of investor gullibility,” independent research firm New Constructs said in a report titled “Anthropic Is The Most Ridiculous IPO of 2026.” The firm puts the AI company’s equity at as little as $144bn. That is 93% below the $2tn valuation Anthropic is reportedly targeting.
The report came out on 6 October. Since then, Anthropic has told investors its third-quarter revenue reached $16.8bn. Bloomberg has reported that the listing could come as…
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