Independent financial research firm New Constructs released a report stating that AI company Anthropic's planned initial public offering (IPO) on Nasdaq would be "the most ridiculous IPO of 2026." The firm valued Anthropic at $150 billion, significantly lower than the market's anticipated potential valuation of $2 trillion. New Constructs pointed out that for Anthropic to reach a $2 trillion valuation, its profits would need to be double NVIDIA's profits over the past year, while Anthropic's revenue in 2025 was $4.6 billion with a net loss of $42 billion. New Constructs believes that Anthropic's business model is unfeasible, and its claims that AI could pose "catastrophic or existential risks" are also reasons why investors should avoid this IPO.