New Constructs Calls Anthropic's $2 Trillion IPO 'Most Ridiculous of 2026'

Independent research firm New Constructs has labeled Anthropic's upcoming IPO, which seeks a $2 trillion valuation, the 'most ridiculous of 2026,' valuing the AI company at just $150 billion. New Constructs argues Anthropic lacks a viable business, citing over $8 billion in operating losses in 2025 and competition from open-source models. The firm warns of an unprecedented test of investor gullibility.