Anthropic IPO Could Be 2026’s ‘Most Ridiculous’ Offering as Analyst Values AI Firm at Just $150 Billion: ‘Unprecedented Test of Investor Gullibility’ Namrata Sen Thu, October 8, 2026 at 6:04 AM EDT 3 min read ANTH.PVT NVDA -0.74% SPCX -2.51% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Anthropic is facing a widening valuation challenge as the artificial intelligence (AI) company inches towards a potential $2 trillion Nasdaq debut amid mounting investor scrutiny, according to a Wall Street expert.
Independent research firm New Constructs described Anthropic's potential offering as the "most ridiculous IPO of 2026" in a Tuesday report. The firm estimated Anthropic's value at $150 billion, dramatically below the potential $2 trillion market capitalization, according to CNBC.
The firm said Anthropic would need profits equal to twice Nvidia Corp. (NASDAQ:NVDA)'s trailing four-quarter total to support that valuation. New Constructs cited Anthropic's rising operating losses and competition from open-source AI models, writing, "We don't think Anthropic has a viable business."
New Constructs also argued that the offering would mainly create liquidity for Anthropic's Wall Street backers rather than generate wealth for public-market investors. The firm also warned that the IPO could present Wall Street with an "unprecedented test of investor gullibility."
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Anthropic's massive valuation has drawn scrutiny from several experts.
On Wednesday, "The Big Short" investor Michael Burry highlighted the valuation gap between Anthropic and established S&P 500 companies, noting that Anthropic's valuation equals the combined value of 78 S&P 500 companies, including top household brands and established industrial firms.
Notably, the company was valued at $965 billion in a May funding round and confidentially filed for an IPO. Revenue surged to $4.6 billion in 2025, but its operating loss widened to $8.06 billion, while its roughly $42 billion net loss was largely driven by an accounting charge, according to Reuters.
Anthropic's potential $2 trillion valuation would require exceptional revenue growth and margin expansion, Dr. Chan Ahn, a former Goldman Sachs and JPMorgan executive, told Benzinga. He estimates Anthropic would need about $725 billion in annual revenue by 2036 to support that valuation at a 10% cost of equity, 25% free cash flow margin and a 25x terminal multiple. At a 13% discount rate, the required revenue rises to roughly $950 billion. Ahn also says investors should consider lessons from Space Exploration Technologies Corp. (NASDAQ:SPCX) transition from private-market darling to public company.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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