Skip to content

Business & MarketsAnalysis

Anthropic plans Nasdaq IPO as investors weigh its valuation and AI risks

By

Coverage spectrum

Covered by 3 outlets, mostly left-leaning (67%).

5 articles in total. The spectrum counts each outlet once and leaves opinion out. How we measure bias

Man in glasses and dark cardigan speaking into microphone at a event, another person beside him.
Image via CNBCHow images are chosenReport this image

Anthropic plans to list its shares on the Nasdaq, reportedly before Thanksgiving, and investors are weighing how to value the artificial intelligence company. CNBC reports the company could reach a market capitalization of about $2 trillion. The research firm New Constructs values it at $150 billion, called the offering the most ridiculous IPO of 2026, and said Anthropic does not have a viable business. According to Reuters, citing a leaked prospectus, Anthropic had 2025 revenue of $4.6 billion and a net loss of $42 billion. Investor Matt Murphy of Menlo Ventures credited CEO Dario Amodei’s charm and culture for the company’s success. Bloomberg reports that some fear the company could help wipe out humanity, which complicates its valuation.

Headline and summary written by Mantle’s AI from the coverage below, under published rules. How this works

What happened

Key points

Each point shows who reports it, from Far Left to Far Right.

  1. Anthropic reportedly plans to list on the Nasdaq before Thanksgiving.

    Reported byLeft2Center1See the outletsHide the outlets
    Left
    Business Insider, Bloomberg
    Center
    CNBC

  2. Reports put the potential valuation at the offering at about $2 trillion.

    Reported byLeft1Center1See the outletsHide the outlets
    Left
    Business Insider
    Center
    CNBC

  3. The research firm New Constructs values Anthropic at $150 billion and says the company does not have a viable business.

    One outletCNBC· Center

  4. Reuters, citing a leaked prospectus, reported Anthropic’s 2025 revenue at $4.6 billion and a net loss of $42 billion.

    One outletCNBC· Center

  5. Menlo Ventures partner Matt Murphy credited CEO Dario Amodei’s charm and the company’s culture for its success.

    One outletBusiness Insider· Left

Show 2 more pointsShow fewer points

  1. At a San Francisco event, three attendees in an informal poll said they would buy shares at a $3 trillion valuation.

    One outletBusiness Insider· Left

  2. Investors are weighing how to value the company, with some fearing it could help wipe out humanity.

    One outletBloomberg· Left

What is contested

Where accounts differ

Points the coverage does not agree on, and who says what.

  • Anthropic’s valuation at its planned public offering.

    CNBC reports a potential $2 trillion market value and cites New Constructs, which values the company at $150 billion and calls the offering overpriced. Business Insider’s poll asked attendees whether they would buy at a $3 trillion valuation.

  • Whether Anthropic has a viable business.

    New Constructs, as reported by CNBC, says Anthropic does not have a viable business because of its operating losses and open-source competition. Investor Matt Murphy, as reported by Business Insider, credits the company’s CEO and culture for outperforming rivals.

How each side tells it

Compare views

  • the left

    2 outlets

    Business Insider’s headlines center on the CEO’s appeal and on investor reluctance, while Bloomberg’s headlines frame the IPO as a pricing puzzle tied to AI risk, using the phrase Rogue AI Risk in its own voice rather than attributing it.

    Anthropic IPO Forces Question of How to Price Sensational language“Rogue AI Risk”Rogue presents a dramatic characterization of the technology as acting against people, stated as settled rather than as a contested risk.More neutral: AI RiskDisagree with this highlight?
    BloombergLeftAll left-leaning headlines

  • the center

    1 outlet

    CNBC’s single headline, the only center-side coverage in this set, leads with an analyst’s description of the offering as the most ridiculous IPO of the year, attributed to that analyst.

    Anthropic will be 'Loaded modifier“most ridiculous IPO”The word ridiculous is a judgement about the offering, though it is attributed to an analyst in the headline.More neutral: the offering the analyst criticized as overvaluedThis appears inside a quotation. The outlet is reporting someone else’s words.Disagree with this highlight?' of year, analyst says
    CNBCCenterAll center headlines

  • the right

    No coverage yet

    No right-leaning outlet that Mantle follows has covered this story yet. That absence is part of the picture.

The words they chose

Language to notice

Words that carry a judgement beyond the facts. Tap a highlighted word anywhere on the page to see why.

  • Left3

    master salesmansome fearRogue AI Risk

  • Center2

    barrels towardmere $150 billion

  • Right

    Has not covered this story.

In the outlets’ own words

  • Loaded verb

    barrels towardMore neutral: is moving toward

    The verb suggests headlong momentum and drama rather than a plain description of the company’s plans.

    As Anthropic barrels toward a potential $2 trillion market cap on the Nasdaq, one research firm is valuing the…

    Used byCNBC (Center)

  • Loaded modifier

    mere $150 billionMore neutral: a $150 billion valuation

    The word mere pre-judges the research firm’s valuation as trivially small in the outlet’s own voice.

    …Nasdaq, one research firm is valuing the artificial intelligence company at a mere $150 billion and says Wall Street is about to face an "unprecedented test of investor…

    Used byCNBC (Center)

  • Loaded modifier

    master salesmanMore neutral: known for his promotional style

    The label characterizes OpenAI’s CEO with a judgement about his manner in the outlet’s own voice.

    Amodei may not have quite the same type of energy as Silicon Valley's master salesman, OpenAI CEO Sam Altman.

    Used byBusiness Insider (Left)

  • Vague attribution

    some fearMore neutral: people who have warned about the company’s risks, named where possible

    The claim that the company could help wipe out humanity is assigned to unnamed people without identifying who holds it.

    …mega-IPO are grappling with an unusual conundrum: How to value a company that some fear could help wipe out the human race.

    Used byBloomberg (Left)

Show 1 more phrasesShow fewer

  • Sensational language

    Rogue AI RiskMore neutral: AI Risk

    Rogue presents a dramatic characterization of the technology as acting against people, stated as settled rather than as a contested risk.

    Anthropic IPO Investors Struggle to Put a Price on Rogue AI Risk

    Used byBloomberg (Left)

Words quoted from someone else (2)Hide the quoted words

Loaded words that outlets reported someone else saying. They show what was said, not how the outlet chose to say it.

  • Sensational language

    Quoted

    investor gullibilityMore neutral: a test of whether investors will buy at this valuation

    The phrase presents a judgement about investors’ naivety that goes beyond the facts, though it is attributed to a research firm.

    …$150 billion and says Wall Street is about to face an "unprecedented test of investor gullibility." In a report on Tuesday, independent financial research provider New…

    Quoted byCNBC (Center)

    Inside a quotation: the outlets are reporting someone else’s words.

  • Loaded modifier

    Quoted

    most ridiculous IPOMore neutral: the offering the analyst criticized as overvalued

    The word ridiculous is a judgement about the offering, though it is attributed to an analyst in the headline.

    Anthropic will be 'most ridiculous IPO' of year, analyst says

    Quoted byCNBC (Center)

    Inside a quotation: the outlets are reporting someone else’s words.

See the full language guide

See for yourself

Side by side

What each side leads with and what it leaves out. Open a side to read its headlines.

From the left

2 outlets

Leads with

  • CEO Dario Amodei’s personal appeal
  • Investor hesitancy at a $3 trillion valuation
  • How to price the offering given AI risk concerns

Leaves out

  • The $150 billion valuation from New Constructs
  • Reuters’ figures on revenue and net loss

Reported by other sides, not found in this side’s coverage.

See the 2 headlines from the leftHide the headlines

From the center

1 outlet

Leads with

  • A skeptical analyst’s $150 billion valuation
  • Anthropic’s reported losses and competition from open-source models
  • The potential $2 trillion market value

Leaves out

  • Investor Matt Murphy’s praise for the CEO
  • The informal poll of attendees at the San Francisco event
  • Concern that the company could help wipe out humanity

Reported by other sides, not found in this side’s coverage.

See the headline from the centerHide the headlines
  • CNBCCenter

    Anthropic will be 'Loaded modifier“most ridiculous IPO”The word ridiculous is a judgement about the offering, though it is attributed to an analyst in the headline.More neutral: the offering the analyst criticized as overvaluedThis appears inside a quotation. The outlet is reporting someone else’s words.Disagree with this highlight?' of year, analyst says

    Anthropic reportedly plans to list on the Nasdaq before Thanksgiving, and one bearish advisory firm suggests that investors sit this one out.

    Read at CNBC (opens in a new tab)

From the right

0 outlets

No right-leaning outlet that Mantle follows has covered this story yet. That absence is part of the picture.

Articles you open from here build My Mix, a private picture of how your reading spreads across the spectrum, kept on this device. What is My Mix?

The left is Far Left and Left together. The right is Right and Far Right together. Every outlet keeps its own five-point rating.

Who reported it when

How the coverage built up

  • Left

    4 hr 50 min later

    Its first report, Oct 7, 11:19 PM EDT

  • Center

    First to report

    CNBC, Oct 7, 6:29 PM EDT

  • Right

    No report yet

    From the outlets Mantle follows

See the order the outlets reported inHide the order
  1. CNBCCenterOct 7, 6:29 PM EDT
  2. Business InsiderLeftOct 7, 11:19 PM EDT
  3. BloombergLeftOct 8, 8:00 AM EDT

Times are the ones the outlets published in their own feeds, in Eastern time. Opinion is left out.

Read next

Help someone else find the truth beneath the surface

Most people see one side of a story. Share this one, so they can see how every side is telling it and decide for themselves.

Email it

Seen a mistake? Tell us what is wrong with this page