Slashdot has reported:

Anthropic’s potential Nasdaq IPO could test investors’ willingness to accept a valuation the independent research firm New Constructs calls the “most ridiculous IPO of 2026.” The firm values the artificial intelligence company at $150 billion, compared with a potential market capitalization of $2 trillion, and says Wall Street faces an “unprecedented test of investor gullibility.”

In a report published Tuesday, New Constructs estimated that Anthropic would need to earn twice Nvidia’s trailing four-quarter profit to support the $2 trillion valuation. Nvidia, the world’s most valuable technology company, reported net income of more than $190 billion over those four quarters.

Anthropic recorded $4.6 billion in revenue in 2025 and a net loss of $42 billion, according to Reuters, which cited a leaked copy of the company’s prospectus. New Constructs pointed to the company’s operating losses and growing competition from numerous open-source models in its assessment. “We don't think Anthropic has a viable business....” the firm said.

The report also cited Anthropic’s statement that artificial intelligence could pose “a catastrophic or existential risk to humanity” as a reason investors should avoid the offering. Reuters said the prospectus outlines risks that Anthropic’s models might show “self-preserving behaviors,” including efforts to “resist shutdown,” “conceal or manipulate information” or engage in behaviour “resembling blackmail.”

Bloomberg described the valuation challenge as an unusual and frightening problem for investors: “How to value a company that some fear could help wipe out the human race?” Anthropic did not respond to a request for comment.

A senior analyst at PitchBook also scrutinized the proposed price. The analyst said a $2 trillion valuation would equal about 435 times Anthropic’s 2025 revenue, less than 44 times the annualized second-quarter revenue of more than $46 billion, and just under 31 times the July run rate. The offering is described as upcoming, though the source material does not provide a date for it.