Anthropic is preparing for one of the most anticipated initial public offerings in the technology sector, but in its prospectus, the company intends to highlight a block of risks that is unconventional for traditional IPOs. This concerns the growing public resistance to the development of artificial intelligence and the construction of data centers, which, in my assessment, could become a systemic factor for the entire industry, not just for a single issuer.
The confidential filing was submitted back in June, followed by closed meetings with banks and potential investors in San Francisco. Now, a few weeks before the document's publication, it is becoming clear that the Anthropic team, led by Chief Financial Officer Krishna Rao, is actively working through issues that go beyond standard financial reporting.
Key risks for investors
In the risk factors section, the company plans to highlight the growth of "public resistance" to new data center projects. This is not a formality: polls are recording explosive growth in negative sentiment. According to Gallup data from March, 7 out of 10 Americans oppose placing AI infrastructure near their homes, with 48% strongly opposed. A more recent Embold Research poll, conducted August 8–13 among 2,045 registered voters, shows that opponents now stand at 75%, compared to just 42% a year earlier.
Of particular concern is the dependence of AI labs' revenue on computing power. Anthropic's annualized revenue run rate in July exceeded $65 billion—roughly $25 billion more than OpenAI. However, this growth is directly tied to access to computing, and any slowdown in data center construction due to regulatory barriers or protests from local communities could hit operational metrics.
Regulatory pressure intensifies
Politicians are already responding to public sentiment. Pennsylvania Governor Josh Shapiro signed an executive order tightening requirements for data center construction, while New York Governor Kathy Hochul announced a moratorium on issuing permits for new large-scale facilities. These are just the first signs: according to Pew Research, 71% of American adults expect job losses due to AI over the next 20 years—up from 64% in 2024.
Against this backdrop, the over-the-counter market values Anthropic at nearly $1 trillion, and investors expect a post-listing market capitalization of $2 trillion, which could break SpaceX's record for the total amount raised in an IPO.
My analysis: The situation reminds me of the early stages of cryptocurrency regulation—first public distrust, then targeted bans, and only afterward the formation of a balanced regulatory framework. For Anthropic, this means that even with outstanding financial performance, the $2 trillion valuation could come under pressure if infrastructure constraints become a real operational bottleneck. Investors should closely monitor not only financial metrics but also how the company plans to build dialogue with local communities.