AI labs are overvalued by investors

The initial public offering of Anthropic, which confidentially filed with the SEC in June 2026 and publicly filed its S-1 registration statement on October 26, 2026 to list on Nasdaq under the ticker ANT.

The surge in AI company valuations and spending that investors fear has outrun real returns, as Meta plans to raise up to $95 billion for AI infrastructure and Anthropic reported a net loss of more than $80 billion in the first half of 2026.