Anthropic will be 'most ridiculous IPO' of year, analyst says
- ID
- 33010
- Status
- summarized
- Published
- 08 Oct 2026, 6:29 AM
- Fetched
- 08 Oct 2026, 7:22 AM
- Provider
- CNBC Technology
- Category
- technology
- Original URL
- https://www.cnbc.com/2026/10/07/anthropic-will-be-most-ridiculous-ipo-of-year-analyst-says.html
- Source URL
- https://www.cnbc.com/id/19854910/device/rss/rss.html
Summary
- Score
- 6.0
- Created
- 08 Oct 2026, 7:23 AM
- Tags
- Audience
- saas_startup_foundersai_ml_learnersdevelopers
What happened
Independent research firm New Constructs called Anthropic's upcoming Nasdaq listing the 'most ridiculous IPO of 2026,' valuing the company at $150 billion versus a reported $2 trillion target. It argues Anthropic lacks a viable business due to growing operating losses and the rise of open-source models, noting Anthropic's 2025 revenue was $4.6 billion against a $42 billion net loss. To justify the target, New Constructs estimates Anthropic would need double Nvidia's trailing-year profit, which topped $190 billion.
Why it matters
For founders and AI/ML builders, the report's open-source pressure argument is a concrete reason to stress-test reliance on closed-model APIs and separate vendor hype from unit economics. If you are choosing a model provider or planning multi-year spend, the $4.6 billion revenue versus $42 billion loss and $2 trillion target are useful figures for asking what happens to pricing, support, and contracts if the vendor's economics change.
Discussion angle
Should builders treat closed-model vendors as long-term infrastructure when analysts are citing open-source alternatives as a direct threat to their business model?