Anthropic's Claude Gets 75% Cheaper. Its $2 Trillion IPO Gets Called “Ridiculous”

Overview of Claude Haiku 5.5 Model

Anthropic has released its new Claude Haiku 5.5 model, priced at 75% below its predecessor, Haiku 4.5. The company is expanding its product lineup ahead of its highly anticipated IPO, but some analysts have questioned the valuation, estimating it could buy 78 S&P 500 companies. New Constructs has called the IPO listing the 'most ridiculous IPO of 2026,' citing the company's reported losses and emerging competition from open-source models.

Performance Comparison with Other Models

Haiku 5.5 outperforms its predecessors, scoring 43 on Artificial Analysis's Intelligence Index. At max effort, it tops GPT-6 Luna's 38 and Gemini 3.8 Flash's 41, but trails Sonnet 5.5 by 13 points. However, the benchmarking firm found Haiku 5.5 used about 162,000 output tokens per task at max effort, roughly 3 times GPT-6 Luna.

Market Reaction and Valuation

New Constructs has valued Anthropic at $150 billion, against a reported $2 trillion target. The firm estimates that reaching that target would require twice Nvidia's trailing profit. Nvidia's net income topped $190 billion over the past 4 quarters. Reuters reported that Anthropic posted $4.6 billion in 2025 revenue and a $42 billion net loss. New Constructs paired those losses with emerging competition from open-source models in its verdict. 'We don't think Anthropic has a viable business,' it said. Founder David Trainer's firm flagged WeWork in 2019, six weeks before the company pulled its IPO. Its 2020 pick, however, was DoorDash, which now has a market value of $83 billion. Michael Burry has also questioned the valuation, saying it could buy 78 S&P 500 companies. Anthropic has not published its prospectus. The public S-1 will be the first real test of those reported numbers.