Anthropic is preparing for one of the most anticipated public offerings in the industry's history, but ahead of its stock market debut, the company has decided to openly address systemic threats. In the offering prospectus, expected to be published in the coming weeks, the AI developer intends to highlight a dedicated section on risks related to growing public distrust of artificial intelligence and data center infrastructure.
This is not just a formality. The confidential filing was submitted back in June, after which top management held a series of closed-door meetings with bankers and major investors in San Francisco. And, judging by all accounts, it was precisely the issues of social perception that became one of the key items on the agenda.
Margin Pressure and Competition
Chief Financial Officer Krishna Rao has already addressed investor questions about competitive pressure and margin compression driven by open AI models. However, a far more alarming signal for the market is the dependence of revenue on access to computing power. Any delay in data center construction directly impacts the company's ability to scale its services.
At the same time, Anthropic's business looks impressive. As of July, the annual revenue run rate exceeded $65 billion—roughly $25 billion more than OpenAI. On the over-the-counter market, the company is already valued at nearly $1 trillion, and investors expect a market capitalization of around $2 trillion after the IPO. There is every reason to believe that the offering could break SpaceX's record for funds raised.
Numbers That Cannot Be Ignored
The social climate is indeed becoming explosive. According to a March Gallup poll, 7 out of 10 Americans oppose placing AI data centers near their homes, with 48% strongly opposed. But the trend is even more alarming: according to Heatmap Pro, conducted August 8–13 among 2,045 registered voters, the share of opponents has risen to 75%. A year earlier, that figure stood at just 42%.
Add to that concerns about jobs. Pew Research finds that 71% of American adults expect job cuts due to AI in the next 20 years—up from 64% in 2024. Politicians are already reacting: Pennsylvania Governor Josh Shapiro has tightened requirements for data center construction, and New York Governor Kathy Hochul has imposed a moratorium on permits for new large-scale facilities.
My analysis: The fact that Anthropic has included these risks in the prospectus is a sign of maturity and an attempt to shield itself from future lawsuits. But for the market, this is a double-edged sword: on one hand, the company appears transparent; on the other, it openly admits that its main asset (computing infrastructure) is under threat from regulatory and social pressure. In the coming years, it will be these factors—not technological breakthroughs—that determine the real value of AI giants.