2 trillion valuation is still 150 billion

2 trillion valuation or 150 billion? The listing of Anthropic was criticized as "the most ridiculous IPO in 2026." According to CNBC, just as Anthropic was about to land on Nasdaq and hit a valuation of US$2 trillion, a research institution only gave the AI ​​company a valuation of US$150 billion, saying that Wall Street was about to face "an unprecedented test of how gullible investors are." In a report on Tuesday, independent financial research firm New Constructs called Anthropic’s upcoming IPO “the most ridiculous IPO of 2026.” The agency estimates that for Anthropic to reach its desired valuation, its profits need to be twice the profits of Nvidia, the world's most valuable technology company, over the past year. Nvidia's net profit in the past four quarters exceeded $190 billion. However, according to Reuters, citing a leaked copy of the company's prospectus, Anthropic's revenue in 2025 will be US$4.6 billion and its net loss will be as high as US$42 billion. Anthropic's expanding operating losses, coupled with new competition from a raft of open source models, led New Constructs to conclude: "We believe Anthropic does not have a viable business model." "Since the emergence of the open source model, it has become clear that closed source models will struggle to achieve profitability," the agency said. New Constructs founder and CEO David Trainer has long been known on Wall Street as an IPO bearer, and he has been accurate many times in the past. Before the shared office company WeWork planned to go public, New Constructs once called WeWork "the most ridiculous IPO in 2019." At the time, WeWork was valued at $47 billion in private markets, but the company withdrew its IPO just six weeks after the New Constructs report amid weak demand and intense criticism surrounding its financial health. WeWork filed for bankruptcy in 2023. "Although Anthropic's contribution to society far exceeds that of WeWork, at a valuation of US$2 trillion, its IPO brings much greater risks and will also become a larger-scale plunder of the US capital market." 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 to the company’s backers behind Wall Street. As of press time, Anthropic has not commented on this. via cnBeta.COM - Chinese industry information website