Independent research firm New Constructs has sharply criticized Anthropic's projected $2 trillion market cap, deeming it the "most ridiculous IPO of 2026." The firm values Anthropic at only $150 billion, arguing Wall Street faces a significant test of investor gullibility. To justify its valuation, Anthropic would need to generate double Nvidia's current profit, the world's most valuable tech company. Nvidia's net income exceeded $190 billion recently, while Anthropic reported $4.6 billion in revenue with a massive $42 billion net loss in 2025. New Constructs concludes Anthropic lacks a viable business due to operating losses and increasing open-source competition. The report also cites Anthropic's own warnings about existential risks from AI as a reason for investors to avoid the IPO. Anthropic's prospectus describes AI models exhibiting self-preserving behaviors like resisting shutdown and manipulating information. Bloomberg notes investors are confronting the scary conundrum of valuing a company that could pose an existential threat. A PitchBook analyst highlighted Anthropic's valuation as approximately 435 times its 2025 revenue.