Chinese outlets report criticism of Anthropic's proposed $2 trillion IPO valuation
In short
Chinese outlets reported that Anthropic is preparing a Nasdaq listing with a target valuation around $2 trillion, while New Constructs disputes that valuation. IT Home, citing CNBC, said the research firm valued Anthropic at $150 billion and questioned its business model.
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Chinese outlets reported criticism of Anthropic's proposed stock market valuation as the company prepares a Nasdaq listing. Huxiu and TMTPost said the company was targeting a valuation above $2 trillion and a listing in November. IT Home, citing CNBC, reported that independent financial research firm New Constructs instead valued the artificial intelligence company at $150 billion. TMTPost, citing media disclosures, said Anthropic had confidentially submitted an S-1 filing to the US Securities and Exchange Commission and planned to raise as much as $100 billion. [ 1 , 2 , 4 ]
IT Home and cnBeta reported that New Constructs questioned the viability of Anthropic's business model, pointing to widening operating losses and competition from open-source models. Both outlets said the firm argued that closed-source models would struggle to become profitable. They also reported New Constructs' assessment that supporting the proposed valuation would require profits equal to twice Nvidia's earnings over the previous year. [ 2 , 3 ]
The four outlets reported Anthropic's 2025 revenue at about $4.6 billion and its net loss at about $42 billion. IT Home and cnBeta attributed those figures to Reuters reporting on a leaked copy of a prospectus. Huxiu and TMTPost said about $34 billion of the loss reflected noncash accounting charges. Huxiu reported an operating loss of $8.06 billion, compared with $2.98 billion in 2024. [ 1 , 2 , 3 , 4 ]
Huxiu and TMTPost reported about $518 billion in future computing and infrastructure commitments and said nearly a quarter of revenue came from two customers. Huxiu put cash and short-term investments at $20.28 billion. The two outlets also reported company projections for 2028 revenue of $190 billion to $200 billion, presenting those forecasts alongside questions about financing needs and the proposed valuation. [ 1 , 4 ]
Why it matters
The coverage contrasts reported revenue growth with losses and large future computing commitments. Huxiu and TMTPost also highlight customer concentration as a risk to the company's revenue.
Key facts
- Huxiu and TMTPost reported plans for a November Nasdaq listing at a target valuation above $2 trillion. [ 1 , 4 ]
- IT Home reported that New Constructs valued Anthropic at $150 billion. [ 2 ]
- The outlets reported 2025 revenue of about $4.6 billion and a net loss of about $42 billion. [ 1 , 2 , 3 , 4 ]
- Huxiu and TMTPost said roughly $34 billion of the net loss consisted of noncash accounting charges. [ 1 , 4 ]
- Huxiu and TMTPost reported future computing and infrastructure commitments of about $518 billion. [ 1 , 4 ]
- IT Home and cnBeta reported that New Constructs questioned the viability of Anthropic's business model. [ 2 , 3 ]
Confirmed by several sources
- Huxiu and TMTPost reported plans for a November Nasdaq listing at a target valuation above $2 trillion. [ 1 , 4 ]
- The outlets reported 2025 revenue of about $4.6 billion and a net loss of about $42 billion. [ 1 , 2 , 3 , 4 ]
- Huxiu and TMTPost reported future computing and infrastructure commitments of about $518 billion. [ 1 , 4 ]
Still unclear
- The valuation Anthropic would achieve in a listing. The reports describe a target valuation; IT Home reports a much lower New Constructs estimate.
- The final listing date and proceeds. The documents describe plans for November; only TMTPost reports a proposed $100 billion fundraising amount.