Open Source · Anthropic · Wall Street · Nvidia · CNBC Technology
Anthropic will be 'most ridiculous IPO' of year, analyst confirms
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As Anthropic barrels toward a potential $2 trillion market cap on the Nasdaq, one research firm is valuing the artificial intelligence company at a mere $150 billion and says Wall Street is about to face an "unprecedented test of investor gullibility.
Key facts
- As Anthropic barrels toward a potential $2 trillion market cap on the Nasdaq, one research firm is valuing the artificial intelligence company at a mere $150 billion and says Wall Street
- Meanwhile, Anthropic's revenue in 2025 was $4.6 billion as the company racked up a net loss of $42 billion, which cited a leaked copy of the company's prospectus
- The stock shot up on its first day in December 2020, giving the company a market cap of over $60 billion
- Earlier this year, the company sold its assets to American Exchange Group for an estimated $39 million, pivoting to AI in the process
Summary
In a report on Tuesday, independent financial research provider New Constructs called Anthropic's upcoming offering the "most ridiculous IPO of 2026." To reach its desired valuation, the firm estimates Anthropic would need to record double the trailing year of profit for Nvidia, the world's most valuable tech company. Anthropic's mounting operating losses coupled with emerging competition from a plethora of open-source models led New Constructs to conclude that, "We don't think Anthropic has a viable business. "Since the arrival of open-source models, it's been clear that the closed models would struggle to generate profits," the firm wrote.