Anthropic, one of the leaders in the artificial intelligence race, is preparing to include a separate section in its initial public offering (IPO) prospectus dedicated to systemic risks. This concerns negative public perception of AI and data centers, which, according to the company's assessment, could directly impact its operations and financial performance. The document is expected to be published in the coming weeks, with a confidential filing submitted back in June. Last week, I held a series of meetings with bankers and institutional investors in San Francisco, where these very aspects were discussed.
Response to investor inquiries
Including the "public resistance" factor in the prospectus is not just a formality, but a direct response to questions that major funds are asking me. Chief Financial Officer Krishna Rao has already provided clarifications regarding competitive pressure from open models and margin risks. However, the main trigger for concern is the dependence of revenue on physical infrastructure. Anthropic's annualized run rate exceeded $65 billion in July, roughly $25 billion more than OpenAI's. Meanwhile, the over-the-counter market values the company at nearly $1 trillion, and investors expect a post-listing valuation of around $2 trillion.
The problem is that any disruption in data center construction or delays in obtaining permits directly undermines the ability to scale computing capacity. This, in turn, jeopardizes the fulfillment of contractual obligations to corporate clients.
Numbers that cannot be ignored
My own data confirms that the trend of negative attitudes toward data centers in the U.S. is intensifying. A Gallup poll conducted in March showed that 7 out of 10 Americans oppose the placement of AI data centers near their homes, with 48% of them strongly opposed. More recent data from Embold Research (a Heatmap Pro survey conducted August 8–13 among 2,045 registered voters) shows opponents rising to 75%. A year ago, that figure was only 42%.
At the same time, anxiety over jobs is growing. A Pew Research study found that 71% of American adults expect job losses due to AI over the next 20 years—a notable jump from 64% in 2024. Politicians are already responding: Pennsylvania Governor Josh Shapiro signed an executive order tightening requirements for data center construction, and New York Governor Kathy Hochul announced a moratorium on permits for new large-scale facilities.
My verdict: the market is underestimating this factor. A $2 trillion valuation looks optimistic given that regulatory constraints and local protests could slow Anthropic's expansion more than competition from open models. This is a systemic risk that cannot be hedged by technological superiority or cash flow.