Stocks
October 8, 2026
Palantir Stock Gets Goldman’s $230 Target as Zeta Expands AI Push
- Anthropic IPO faces growing scrutiny over its Anthropic valuation, financial outlook, and reported $2T target
- New Constructs values Anthropic at roughly $150B, citing aggressive growth and profitability assumptions behind the higher valuation
- The Anthropic prospectus highlights infrastructure commitments, dependence on major tech partners, and continued losses
Anthropic IPO is drawing a fresh series of concerns as it attracts questions over its valuation and financial outlook. At the same time, the Anthropic prospectus is also attracting skepticism, with concerns surrounding how unclear it is in terms of information available. The Anthropic IPO is the trending debate of the current financial markets, with the company eyeing a $2T valuation. A fresh report by New Constructs has, however, valued Anthropic at roughly $150B, stating how it should not be valued for more than $150B. The research firm stated that the expectations built into Anthropic IPO price require very strong future expectations.
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New Constructs Reports Anthropic IPO at $150B, But Why?
New Constructs, a leading research firm, has recently released a fresh report. This report puts the Anthropic valuation at roughly $150B, far below the company valuation of $2T that it is reportedly seeking at present. The research firm argues that this valuation requires exceptionally strong Anthropic growth and profitability, which might not be realistic to begin with. The report further mentions how its $2T IPO poses risks and is positioned to “rip off US capital markets.”
“In short, we don’t think Anthropic has a viable business. Since the arrival of open-source models, it’s been clear that the closed models would struggle to generate profits.”
In addition to this, the report adds how it sees a huge gap between the reported $2T valuation and its own valuation work. The report’s DCF analysis says the Anthropic IPO could be worth $144B under a scenario where its NOPAT margin improves to 20%. The analysis assumes revenue growth of 1,000% in 2026, 100% in 2027, and 20% annually from 2028 through 2035. This figure is roughly 93% below the targeted $2T valuation. The research firm later states how Anthropic’s valuation of $2T may require extraordinary growth, which may be a little difficult to achieve.
Moreover, the report points out how Anthropic revenue has grown steadily by hitting $400M in 2024 to $4.6B in 2025. But its operational losses have also grown from $3B to $8B, stressing the company further.
“As more investors realize that Anthropic’s business model has no pricing power, they will understand that no amount of revenue growth will make it profitable enough to deserve an IPO valuation anywhere close to $2 trillion. We show the math behind this assertion in the valuation section.”
The report also highlights several factors investors should consider. These include Anthropic’s large infrastructure commitments, dependence on major tech partners, continued losses, and assumptions about future growth.
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Anthropic Prospectus Is Raising New Concerns
As Anthropic IPO scrutiny continues to grow, the Anthropic prospectus is also attracting a new series of questions. The prospectus at present outlines the risks that the company is facing as of late. Reuters reported that 47% of Anthropic’s 2025 sales were routed through Amazon and Google’s cloud platforms. Both companies are also major suppliers and investors of computing infrastructure while competing with Anthropic in the AI domain.
The filing also outlines how capital-intensive Anthropic growth plans are. The company has $518B in planned cloud, computing, and infrastructure obligations, making the figure quite big to ignore.
In this process, Aaron Brown of AQR Capital Management has questioned its prospectus, stating how much clarity does it really deliver to investors.
