New Constructs

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   New Constructs: Anthropic's $2T IPO is 'most absurd of 2026'

   Independent research firm New Constructs called Anthropic's upcoming Nasdaq listing the "most absurd IPO of 2026" in a Tuesday note, assigning the company a roughly $150 billion value against the $2 trillion it reportedly seeks. The firm said hitting $2 trillion would require profit twice Nvidia's trailing-year net income of over $190 billion, while Reuters, citing a leaked prospectus copy, reported Anthropic posted $4.6 billion in 2025 revenue and a $42 billion net loss. New Constructs concluded Anthropic has "no viable business model" as open-source models pressure closed ones; Anthropic declined to comment.

   cnBeta · 🔥 9

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