New Constructs, an independent financial research firm, valued Anthropic at roughly $150 billion, far below the $2 trillion market‑capitalization the AI startup is reportedly targeting on Nasdaq. To justify a $2 trillion valuation, the firm calculated that Anthropic would need to generate twice the trailing‑year profit of Nvidia, whose net income over the last four quarters exceeded $190 billion. According to a leaked prospectus cited by Reuters, Anthropic reported $4.6 billion in revenue for 2025 while posting a net loss of $42 billion. The firm also referenced media reports that Anthropic’s annualized revenue run‑rate reached $65 billion by July 2026 and was on pace to hit $100 billion by year‑end, figures the company itself disclosed. New Constructs argued that mounting operating losses, intensifying competition from open‑source AI models, and the lack of a viable profit model make the IPO an “unprecedented test of investor gullibility.” The report warned that the offering primarily seeks liquidity for Anthropic’s Wall Street backers rather than delivering returns to public‑market investors, and it highlighted the company’s own statements about AI posing existential risks as an additional reason for caution.