According to CNBC, independent research firm New Constructs said Anthropic's planned IPO is the "most ridiculous IPO of 2026" and valued the artificial intelligence company at $150 billion, far below the potential $2 trillion market cap it could seek on the Nasdaq. The firm said Anthropic would need to generate profits equal to twice Nvidia's trailing-year net income, which topped $190 billion over the past four quarters, and cited reported figures showing Anthropic had $4.6 billion in revenue in 2025 and a $42 billion net loss. New Constructs also said Anthropic does not have a viable business, pointed to competition from open-source models, and argued the offering would mainly provide liquidity for Wall Street backers rather than wealth for public investors. The firm compared the deal with its past calls on WeWork, Allbirds and DoorDash, noting that it was wrong on DoorDash but right on WeWork.