As Anthropic heads toward a possible $2 trillion Nasdaq valuation, independent research firm New Constructs says the company is worth about $150 billion and calls the planned listing the “most ridiculous IPO of 2026.” It estimates Anthropic would need to earn roughly double Nvidia’s trailing-year net income, which topped $190 billion, to justify that price. Reuters, citing a leaked prospectus, reported 2025 revenue of $4.6 billion and a net loss of $42 billion. Founder David Trainer, a known IPO bear, said open-source models make it hard for closed models to turn a profit and concluded, “We don’t think Anthropic has a viable business.” His record is mixed. He correctly flagged WeWork in 2019, but his 2020 pick, DoorDash, has since grown to an $83 billion market cap.
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