Research Firm Calls Anthropic's IPO an Unprecedented Test of Investor Gullibility
anthropic
| Source: HN | Original article
A research firm has labeled Anthropic's upcoming IPO as an unprecedented test of investor gullibility and the most ridiculous offering of 2026.
New Constructs, an independent Wall Street research firm, has warned that Anthropic’s forthcoming Nasdaq listing could become “the most ridiculous IPO of 2026.” In a note released on Tuesday, senior analyst Kyle Guske II valued the AI‑focused company at roughly $150 billion, far below the $2 trillion market‑cap that the firm is reportedly targeting. The report brands the offering an “unprecedented test of investor gullibility,” suggesting that the hype surrounding generative‑AI firms may be outpacing realistic valuations.
The warning arrives amid growing scepticism about the pace of AI‑related investment. Earlier this month, Broadcom’s chief executive warned that speculative AI funding resembled casino gambling, questioning the long‑term economics of AI labs. New Constructs’ stark assessment adds a concrete market‑price perspective to that broader debate, implying that investors could be overpaying for growth that has yet to materialise.
If Anthropic proceeds with the IPO at the projected scale, the market’s reaction will likely set a benchmark for how far capital can stretch on AI valuations. Analysts will be watching the company’s filing details, the final pricing range, and the level of institutional demand. A muted debut could temper enthusiasm for other AI listings, while a strong debut might reinforce the current optimism despite the “verification tax” bottlenecks highlighted in recent industry surveys. The coming weeks will reveal whether Wall Street’s appetite for AI can survive this “unprecedented test.”
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