A harsh critique from New Constructs
Independent research firm New Constructs published a report titled "Anthropic Is The Most Ridiculous IPO of 2026," calling the planned stock market debut "an unprecedented test of investor gullibility."
The valuation gap
New Constructs puts Anthropic's equity at as little as $144bn. That is roughly 93% below the $2tn valuation the company is reportedly targeting.
What it means
The report is part of a growing debate over the IPO valuations of AI companies. Anthropic's planned listing highlights the gap between investor expectations and independent analysis in the sector.
