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

Anthropic launched Claude Haiku 5.5 on October 7, pricing its latest mannequin about 75% under Haiku 4.5 on common. 

The firm continues to ship new fashions forward of its extremely anticipated IPO. However, New Constructs has referred to as Anthropic’s deliberate itemizing the “most ridiculous IPO of 2026.”

A Cheaper Claude Model Arrives 9 Days After Sonnet 5.5

Haiku 5.5 is the third Claude 5.5 mannequin, arriving 9 days after Anthropic released Sonnet 5.5 on September 28. The firm constructed it for high-volume work equivalent to summaries, classification, browser use, and subagent duties.

On prompts as much as 100,000 tokens, enter prices $0.10 per million, and output prices $0.50, 90% under Haiku 4.5. Anthropic says these prompts made up about 90% of requests to its earlier Haiku mannequin.

Above that threshold, each charges rise fivefold. Anthropic additionally halved Sonnet 5.5 cache-read costs, saying most agentic work now prices about 20% much less.

Meanwhile, Artificial Analysis scored Haiku 5.5 at 43 on its Intelligence Index, up 26 factors from the final Haiku mannequin. At max effort, that tops GPT-6 Luna’s 38 and Gemini 3.8 Flash’s 41 however trails Sonnet 5.5 by 13 factors.

However, the benchmarking agency discovered Haiku 5.5 used about 162,000 output tokens per process at max effort, roughly 3 instances GPT-6 Luna.

Terminal-Bench 4.0 produced completely different numbers relying on the tester. Anthropic studies 39.2%, whereas Artificial Analysis measured 33%.

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Can $4.6 Billion in Revenue Support a $2 Trillion Price Tag?

While Anthropic expands its Claude lineup, its upcoming Nasdaq itemizing faces criticism from New Constructs. In a latest word, the agency valued Anthropic at $150 billion, towards a reported $2 trillion target.

The agency estimates that reaching that concentrate on would require twice Nvidia’s trailing revenue. Nvidia’s internet earnings topped $190 billion over the previous 4 quarters. 

Reuters reported that Anthropic posted $4.6 billion in 2025 revenue and a $42 billion internet loss. New Constructs paired these losses with rising competitors from open-source fashions in its verdict.

“We don’t suppose Anthropic has a viable enterprise,” it said.

Founder David Trainer’s agency flagged WeWork in 2019, six weeks earlier than the corporate pulled its IPO. Its 2020 choose, nevertheless, was DoorDash, which now has a market worth of $83 billion.

Michael Burry has additionally questioned the valuation, saying it could buy 78 S&P 500 firms. Anthropic has not printed its prospectus. The public S-1 would be the first actual check of these reported numbers.

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