New Constructs, the research firm that famously called WeWork's disastrous 2019 IPO, is now calling Anthropic the most ridiculous IPO of 2026.
They think Anthropic is worth roughly $150 billion, not the $2 trillion Wall Street is targeting.
Here's why:
1. Existential risk: Anthropic's own prospectus reportedly warns its technology could pose catastrophic or existential risks to humanity.
2. Massive losses: Revenue grew from $400M in 2024 to $4.6B in 2025, but operating losses ballooned from $3B to $8B. The reported $42B net loss includes a $34B accounting charge.
3. Enormous obligations: Anthropic reportedly has $518B in cloud, compute, and infrastructure commitments.
4. Insatiable cash burn: The company has already raised over $120B privately, dwarfing the pre-IPO fundraising of most successful technology companies.
5. No clear competitive moat: Open-source and competing AI models are increasingly matching frontier models at lower prices, threatening Anthropic's ability to generate sustainable profits.
6. Insider exit liquidity: Early investors bought in at valuations as low as $623M. The latest private funding valued Anthropic at $965B. They basically need to dump their shares on you so they can make money & have a payday.
7. Absurd valuation expectations: To justify $2T, Anthropic would need revenue equal to 1.4 times the combined trailing revenue of MSFT, AAPL, GOOGL, AMZN, NVDA, META, & ORCP and profits roughly twice Nvidia's trailing earnings.
The takeaway: AI sex robots can revolutionize the world while individual AI companies still turn out to be terrible investments.
Source: https://www.newconstructs.com/anthropic-is-the-most-ridiculous-ipo-of-2026/