9 hrs ago
Research Firm Says Anthropic IPO Valuation Is Excessive
Anthropic is an artificial intelligence company that is reportedly seeking a very high value if it sells shares to the public.
A research firm called New Constructs says the company is worth much less than that.
The firm says Anthropic would need to earn enormous profits to support the proposed value.
It points to the company’s reported losses and competition from open-source AI models.
The firm’s founder, David Trainer, has criticized other companies’ IPOs before.
Some of those companies later struggled, but DoorDash has done well so far.
New Constructs also says investors should consider Anthropic’s warning about possible dangers from AI.
The firm’s view is a criticism, not a confirmed assessment of what the IPO will be worth.
New Constructs values Anthropic at $150 billion, 92% below the $2 trillion valuation the company is reportedly seeking for its IPO.
The firm argues that justifying $2 trillion would require profits exceeding Nvidia’s recent trailing-year total, while Anthropic reported an operating loss in 2025.
New Constructs says operating losses and competition from open-source AI models make Anthropic’s business prospects unviable.
Founder David Trainer compares the proposed offering with past IPOs the firm criticized, including WeWork and Allbirds, while DoorDash has performed differently.
New Constructs also urges caution because Anthropic has warned that AI could pose a catastrophic risk to humanity.
- Who
- Anthropic and the financial research firm New Constructs, led by founder and CEO David Trainer.
- What
- New Constructs says Anthropic’s reported $2 trillion IPO valuation target is excessive and values the company at $150 billion.
- Where
- Wall Street, where Anthropic is seeking to make its public-market debut.
- When
- The article discusses Anthropic’s upcoming IPO and cites company losses in 2025.
- Why
- New Constructs cites Anthropic’s losses, competition from open-source AI models, and risks associated with AI.
Key facts
- Valuation sought
- $2 trillion, according to the article.
- New Constructs valuation
- $150 billion, described as 92% below the sought valuation.
- Anthropic 2025 operating loss
- More than $8 billion, according to the article’s account of Reuters reporting.
- Anthropic overall losses
- $42 billion, as reported in the article.
- Nvidia trailing-year net profit
- Nearly $190 billion over the last four quarters, according to the article.
- New Constructs’ IPO track record cited
- The firm criticized WeWork, Allbirds, and DoorDash IPOs; the article says DoorDash has performed well so far.
Quotes
New Constructs
Independent financial research provider cited in the article.
“Since the arrival of open-source models, it has been clear hat the closed models would struggle to generate profits.”
CNBC TV 18
“We don't think Anthropic has a viable business.”
CNBC TV 18
Sources
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