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

Anthropic released Claude Haiku 5.5 on October 7, pricing its newest model about 75% below Haiku 4.5 on average. 

The company continues to ship new models ahead of its highly anticipated IPO. However, New Constructs has called Anthropic’s planned listing 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 model, arriving 9 days after Anthropic released Sonnet 5.5 on September 28. The company built it for high-volume work such as summaries, classification, browser use, and subagent tasks.

On prompts up to 100,000 tokens, input costs $0.10 per million, and output costs $0.50, 90% below Haiku 4.5. Anthropic says those prompts made up about 90% of requests to its previous Haiku model.

Above that threshold, both rates rise fivefold. Anthropic also halved Sonnet 5.5 cache-read prices, saying most agentic work now costs about 20% less.

Meanwhile, Artificial Analysis scored Haiku 5.5 at 43 on its Intelligence Index, up 26 points from the last Haiku model. At max effort, that 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.

Terminal-Bench 4.0 produced different numbers depending on the tester. Anthropic reports 39.2%, while 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 listing faces criticism from New Constructs. In a recent note, the firm 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.

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