New Constructs, an independent financial research firm, has labeled Anthropic's upcoming IPO as potentially the 'most ridiculous IPO of 2026,' arguing that the company would need to achieve profits double that of Nvidia, which reported a net income of over $190 billion in the past year.
In contrast, Anthropic's revenue for 2025 is projected at $4.6 billion, with a staggering net loss of $42 billion. The firm suggests that Anthropic's business model is unsustainable, particularly in light of increasing competition from open-source AI models.
David Trainer, CEO of New Constructs, has a history of bearish predictions on IPOs, having previously criticized WeWork and Allbirds, both of which faced significant challenges post-IPO. Despite some inaccuracies in past predictions, Trainer's firm maintains that the risks associated with Anthropic's IPO are substantial, especially given the company's claims about AI posing existential risks.
The report highlights the potential for the IPO to serve more as a liquidity event for Wall Street backers rather than a genuine opportunity for public market investors. Anthropic has not publicly commented on the report, and its official prospectus remains undisclosed, leaving many details about its financial health uncertain