The note came out Tuesday from New Constructs senior investment analyst Kyle Guske II. It values Anthropic at $150 billion. Anthropic reportedly plans to list on the Nasdaq before Thanksgiving. The firm worked backward from a $2 trillion price with a reverse discounted cash flow model. To hit that price, it says, revenue would need to grow 56% a year from 2028 to 2035 at a 10% operating margin, and the model deducts $518 billion in liabilities for planned cloud and data center spending. A leaked prospectus cited by Reuters shows 2025 revenue of $4.6 billion and a net loss of $42 billion. The firm argues the listing mostly gives private backers a way to cash out. Michael Burry noted that the valuation equals 78 S&P 500 companies combined. A PitchBook analyst offered a less extreme view: "less than 44 times the annualized second-quarter revenue of more than $46 billion". Anthropic declined to comment on the report. For AI founders, this IPO will set the public price for frontier labs. That price will shape the private rounds, secondary sales and exit math that follow.