Anthropic will be 'most ridiculous IPO' of year, analyst says

Summary

Research firm New Constructs calls Anthropic's planned IPO the "most ridiculous IPO of 2026" and values the company at $150 billion, against a targeted $2 trillion market cap. It cites a reported 2025 revenue of $4.6 billion and a net loss of $42 billion, and argues Anthropic lacks a viable business as open-source models spread.

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