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Physix Frontier · News Briefing Card (IT Home · Oct 8, 2026)

New Constructs Values Anthropic at $150B, Far Below Its $2T Target

KEY FACTS

  • Independent research firm New Constructs values Anthropic at $150 billion in a report.
  • Anthropic is about to list on Nasdaq with a target valuation of $2 trillion.
  • The firm calls Anthropic's IPO the most absurd IPO of 2026.
  • The report says Anthropic would need to earn twice Nvidia's annual profit to justify the target valuation.
  • A leaked prospectus shows Anthropic posted $4.6 billion in 2025 revenue and a $42 billion net loss.

KEY DATA

$150 billionNew Constructs valuation
$2 trillionAnthropic target valuation
$4.6 billionAnthropic 2025 revenue
$42 billionAnthropic 2025 net loss

PHYSIX OBSERVATION

Bears cite the WeWork precedent, but Anthropic's losses already dwarf that era. The core contradiction: can a closed-source large model generate profits matching a trillion-dollar valuation under the onslaught of open source? If the IPO pricing doesn't pull back, retail investors will likely take the bag from early backers - a signal more alarming than WeWork.

Source: IT Home report