Research firm calls Anthropic the ‘most ridiculous IPO of 2026’, says it may be worth $144bn

Anthropic’s planned stock market debut is “an unprecedented test of investor gullibility,” independent research firm New Constructs said in a report titled “Anthropic Is The Most Ridiculous IPO of 2026.” The firm puts the AI company’s equity at as little as $144bn. That is 93% below the $2tn valuation Anthropic is reportedly targeting. The report came out on 6 October. Since then, Anthropic has told investors its third-quarter revenue reached $16.8bn. Bloomberg has reported that the listing could come as soon as mid-November. The Anthropic IPO valuation debate is heading into its deciding weeks. New Constructs sells stock research to investors. It used a reverse discounted cash flow model, which works backwards from a price to the profits needed to justify it.

First reported by The Next Web. This page is a short excerpt; the full text is theirs.