Anthropic IPO: $2T target vs New Constructs' $150B valuation
Independent research firm New Constructs called Anthropic's upcoming IPO the "most absurd IPO of 2026," valuing the company at just $150 billion against its $2 trillion target and arguing closed models struggle to turn a profit. According to 36Kr, Anthropic booked roughly $4.59 billion in 2025 revenue and a $42 billion net loss — about $34 billion of it a non-cash charge from revaluing convertible instruments — alongside some $518 billion in cloud and infrastructure commitments. New Constructs founder David Trainer previously called WeWork's listing the most absurd IPO of 2019, and investor Michael Burry has publicly urged markets to block the OpenAI and Anthropic listings.
The dispute highlights the tension between Anthropic's huge compute commitments and its valuation expectations, making it a bellwether for AI capital-market sentiment.