Anthropic is preparing for an IPO: public distrust of AI and data centers has been named a key risk.
Anthropic, one of the leaders in artificial intelligence development, has included a separate section in its initial public offering (IPO) prospectus dedicated to risks associated with negative public perception of AI and data centers. This is an unprecedented step that underscores how seriously the company assesses the potential impact of public opinion on its business and future valuation.
Prospectus details and market reaction
The document is expected to be published in the coming weeks. Anthropic filed its confidential application back in June, after which it held a series of preliminary meetings with bankers and major investors in San Francisco. In the risk section, the company directly points to the growth of "public resistance" to new data center projects, which could slow its expansion and increase operating costs.
Chief Financial Officer Krishna Rao has already answered investor questions about competitive pressure from open-source models and how this could affect margins. However, the market's main concern is not only competition but also the potential slowdown in the pace of computing infrastructure construction. After all, AI labs' revenue directly depends on available computing capacity.
Figures and estimates
Despite the risks, Anthropic's financial performance is impressive. The company's annual revenue run rate exceeded $65 billion in July—about $25 billion more than OpenAI. On the over-the-counter market, the company is already valued at nearly $1 trillion, and investors expect that after going public, its market capitalization could reach $2 trillion. This would allow Anthropic to beat or at least match SpaceX's record for the amount raised during an IPO.
Public opinion: the numbers speak for themselves
Polls confirm the validity of the company's concerns. According to a Gallup study conducted in March, 7 out of 10 Americans oppose the placement of AI data centers near their homes, with 48% of them strongly opposed. A more recent Heatmap Pro poll, conducted by Embold Research from August 8 to 13 among 2,045 registered voters, showed that 75% of respondents now oppose data center construction. A year ago, this figure was only 42%.
Concerns about jobs are also growing. Pew Research researchers found that 71% of American adults expect job losses due to AI in the next 20 years—up from 64% in 2024.
Politicians are already responding to voter 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 data centers.
My analysis
Including such risks in the prospectus is not just a legal formality but a signal to the market that infrastructure constraints could become the main brake on the entire AI industry. Investors should closely monitor how Anthropic plans to diversify the geography of its data centers and how quickly it can adapt to tightening regulatory pressure. This could be a key factor determining not only the success of the IPO but also the long-term sustainability of the business.