WeWork eventually filed for bankruptcy in 2023. The criticism carries some weight on Wall Street because New Constructs used the same description for WeWork in 2019, months before the office-sharing company abandoned its IPO plans amid investor backlash over its finances and governance, according to a report by CNBC.
As AI giant Anthropic moves toward a highly anticipated public listing that could value the company at nearly $2 trillion, independent research firm New Constructs has issued a scathing assessment, calling it the “most ridiculous IPO of 2026” and drawing comparisons with WeWork, whose failed public offering became one of the biggest corporate collapses of the last decade. The research firm’s latest report argues that Anthropic’s proposed valuation presents an even bigger risk for investors than WeWork’s offering did, according to a CNBC report.
New Constructs estimates that to justify a $2 trillion valuation, Anthropic would need to earn twice what Nvidia, the world’s most valuable tech company, earned over its past four quarters. Nvidia’s net income over that period topped $190 billion. Which cited a leaked copy of the company’s prospectus, Anthropic had revenue of $4.6 billion in 2025 and a net loss of $42 billion, according to Reuters.
The firm pointed to Anthropic’s reported finances.
The firm relied on reported figures, including from the New York Times, which reported in September that Anthropic was on pace for $100 billion in annualized revenue by the end of 2026. Anthropic said at the end of July that its annualized revenue run rate had risen sevenfold year over year to $65 billion.
And it said Anthropic’s own warning that AI could pose a “catastrophic or existential risk to humanity” is another reason for investors to stay away. “While Anthropic offers more to society than WeWork ever did,” it wrote, the $2 trillion valuation makes the IPO a far bigger risk and potentially a “far bigger rip off of US capital markets. “While we were not fortunate enough to be one of the few to whom Anthropic’s S-1 was selectively disclosed,” the firm wrote, the reports of leaked financials “reveal more than enough” to judge the risks.
Those losses, along with growing competition from open-source models, led the firm to a blunt conclusion: “We don’t think Anthropic has a viable business. The report argues that closed models were always going to struggle to turn a profit once open-source alternatives arrived. It also argued that the offering’s purpose is not to create wealth for public-market investors but to give Anthropic’s Wall Street backers liquidity. The firm acknowledged Anthropic’s value beyond the balance sheet. ” Anthropic has not made its prospectus public, so New Constructs has not seen the actual filing.