Analyst Questions Valuation of Anthropic Ahead of IPO Amid Concerns

Oct 7, 2026

AI Summary

Anthropic is approaching a potential $2 trillion market cap, but a financial research firm values it at $150 billion, citing significant operating losses and competition from open-source models. The firm warns that the IPO could represent a major risk for investors, drawing comparisons to past IPO failures.

Anthropic is targeting a market cap of $2 trillion for its upcoming IPO, while New Constructs values it at $150 billion.
The firm highlights that Anthropic would need to achieve profits double that of Nvidia, which reported over $190 billion in net income in the past year.
In 2025, Anthropic reported revenues of $4.6 billion but incurred a net loss of $42 billion.
New Constructs argues that Anthropic's business model is not viable due to increasing competition from open-source AI models.
The CEO of New Constructs, David Trainer, has a history of bearish predictions on IPOs, including WeWork and Allbirds, which faced significant challenges post-IPO.
Despite some past inaccuracies, Trainer maintains that the risks associated with Anthropic's IPO are substantial, particularly given the company's claims about AI risks to humanity.
Anthropic has not publicly released its prospectus, and the figures cited by New Constructs are based on reported data.

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Analyst Questions Valuation of Anthropic Ahead of IPO Amid Concerns

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