Anthropic is gearing up for one of the most high-profile IPOs in tech industry history, but in its offering prospectus, the company is forced to flag a troubling signal: growing public distrust of artificial intelligence and data centers. This is not just a formality, but a systemic risk that could directly impact the company's valuation after going public.
Why Anthropic included the "distrust factor" in its risks
Ahead of the listing, which is expected in the coming weeks, Anthropic has already held a series of closed-door meetings with bankers and major investors in San Francisco. The key topic is not only financial metrics, but also reputational threats. In the risk factors section, the company explicitly cites "growing public resistance" to new data center projects, which could slow the construction of critical infrastructure.
These are not abstract concerns. According to my data, Anthropic's annualized revenue run rate exceeded $65 billion in July—roughly $25 billion more than OpenAI. Meanwhile, the private market already values the company at nearly $1 trillion, and investors expect a market capitalization of around $2 trillion after the IPO. But such ambitious figures are vulnerable in the face of public pressure.
Numbers that cannot be ignored
Polls show a rapid surge in negativity. As early as March, 7 out of 10 Americans opposed placing AI data centers near their homes, with 48% strongly opposed. By August, however, the situation had worsened: a Heatmap Pro survey of 2,045 registered voters showed opponents had risen to 75%. A year earlier, that figure was just 42%.
Concerns are also fueled by fears over jobs. Pew Research studies show that 71% of American adults expect job losses due to AI over the next 20 years—up from 64% in 2024. Politicians are already responding: 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 market is underestimating this factor. A $2 trillion valuation looks optimistic given that Anthropic's operational risks now directly depend on local policy and public opinion. This is a classic case of a tech giant facing a "reputational tax" that could eat into a significant portion of future margins. Investors should closely watch how the company plans to build dialogue with communities and regulators—this will become a key driver or brake for the stock after listing.