New Constructs valued Anthropic at $150 billion, calling it “the most ridiculous IPO of 2026”New Constructs 给 Anthropic 估值 1500 亿美元，称其“2026 年最荒唐 IPO”

On October 8, Beijing time, according to CNBC, just as Anthropic was about to land on the Nasdaq and hit a $2 trillion valuation (the current exchange rate is about 13.42 trillion yuan), a research institute gave the AI company a valuation of only $150 billion (the current exchange rate is about 1.01 trillion yuan), and said that Wall Street was about to face "an unprecedented test, testing how easy investors are to fool". In a report on Tuesday, New Constructs, an independent financial research firm, called Anthropic's upcoming IPO “the most ridiculous IPO of 2026.” The agency estimates that in order for Anthropic to achieve its desired valuation, its profits would need to reach twice the profits of Nvidia, the world's most valuable technology company by market capitalization, over the past year. Nvidia's net profit in the past four quarters exceeded $190 billion (the current exchange rate is about 1.28 trillion yuan). However, according to a copy of the leaked company prospectus cited by Reuters, Anthropic's revenue in 2025 is $4.6 billion (current exchange rate of about 30.875 billion yuan) and its net loss is as high as $42 billion (current exchange rate of about 281.901 billion yuan). Anthropic's expanding operating losses, coupled with new competition from a large number of open source models, led New Constructs to conclude: “We do not believe Anthropic has a viable business model.“ Since the advent of the open source model, it is clear that the closed source model will be difficult to achieve profitability. David Trainer, the founder and CEO of New Constructs, has long been known on Wall Street as an IPO shortstop, and he has made accurate judgments on many occasions in the past, the agency said. Before co-working company WeWork planned to go public, New Constructs called WeWork “the most ridiculous IPO of 2019.” At the time, WeWork's private equity market was valued at $47 billion (the current exchange rate is about 315.461 billion yuan), but only six weeks after the New Constructs report, the company withdrew its IPO due to weak demand and fierce criticism surrounding its financial situation. WeWork filed for bankruptcy in 2023. “While Anthropic's contribution to society is far greater than that of WeWork, its IPO, at a valuation of $2 trillion (the current exchange rate is about 13.42 trillion yuan), poses a much greater risk and could become a larger plunder of US capital markets. New Constructs wrote. The agency added that the purpose of Anthropic's IPO was not to create wealth for public market investors, but to provide liquidity for the company's behind-the-scenes backers on Wall Street. As of press time, Anthropic has not commented on this.