New Constructs warns Anthropic's 2026 IPO valuation is 'most ridiculous' since WeWork

New Constructs, the research firm that labeled WeWork's 2019 IPO the "most ridiculous" of that year, has applied the same description to Anthropic's anticipated 2026 public offering, warning that its near-$2 trillion valuation is dangerously overoptimistic. The firm draws direct parallels to WeWork's collapse, citing Anthropic's financial instability despite $4.6 billion in 2025 revenue. To justify the valuation, Anthropic would need to earn twice Nvidia's recent net income of $190 billion, yet it reported a $42 billion net loss in 2025, according to leaked prospectus figures. New Constructs argues that competition from open-source models undermines profitability, calling the IPO a liquidity event for Wall Street backers rather than a viable investment, and notes Anthropic's own warnings about AI's existential risks. The firm has a mixed track record, correctly predicting WeWork's failure and Allbirds' decline, but wrongly flagging DoorDash, which now holds an $83 billion market cap. New Constructs has not seen Anthropic's actual S-1 filing, relying instead on reported figures, including a projected $100 billion annualized revenue run rate by end of 2026.