Research Firm Calls Anthropic's IPO 'Unprecedented Test of Investor Gullibity'

A research firm has labeled Anthropic's potential IPO an "unprecedented test of investor gullibility," citing the company's financial performance. To justify its desired valuation, Anthropic would need to double Nvidia's trailing year profit, which recently exceeded $190 billion. In contrast, Anthropic reported $4.6 billion in revenue in 2025 but incurred a net loss of $42 billion, according to a leaked prospectus cited by Reuters.