Anthropic IPO called 'unprecedented test of investor gullibility' by research firm
Summary
New Constructs labels Anthropic's planned IPO as the 'most ridiculous IPO of 2026,' arguing the company lacks a viable business despite a target valuation near $2 trillion. The report cites mounting losses, competition from open-source models, and the need for profits far above Nvidia to justify such a valuation. It notes leaked filings and reported revenue run rates as context for risk to investors.