Anthropic is preparing for an IPO: public distrust of AI and data centers cited as the main risk
Ahead of one of the most anticipated initial public offerings in the technology sector, Anthropic is including an unprecedented risk section in its prospectus. This is not about financial metrics or competition, but about a fundamental shift in public sentiment: growing distrust of artificial intelligence and active opposition to data center construction.
The confidential IPO filing was submitted by the company back in June, followed by a series of closed-door meetings with top bankers and institutional investors in San Francisco. The public version of the document is expected to appear in the coming weeks, and it appears poised to mark a new era for the entire industry.
Investors demand answers
During the roadshow, Anthropic's CFO Krishna Rao faced tough questions about margin pressure from open-source models and the pace of monetization. However, the key topic, according to my information, was operational vulnerability: what would happen to the business if the construction of new computing capacity slowed due to bureaucratic hurdles and protests from local communities.
This is a fundamental question, as Anthropic's revenue directly depends on access to computing resources. Notably, the company's annualized revenue run rate exceeded $65 billion in July — roughly $25 billion more than OpenAI's. In 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. Such figures mean the stakes in this IPO are at their maximum, and any systemic risk, including public opposition, could trigger a correction.
Numbers that cannot be ignored
My own observations of recent polls confirm that Anthropic's concerns are not far-fetched. According to a Gallup study conducted in March, 7 out of 10 Americans oppose placing AI data centers near their homes, with 48% strongly opposed.
Moreover, the trend is alarming. A Heatmap Pro poll conducted by Embold Research on August 8–13 among 2,045 registered voters showed that the number of opponents to construction has risen to 75%. A year ago, that figure was only 42%. This is not just noise — it is a structural shift in public opinion.
The labor market also adds additional pressure. Researchers at Pew Research found that 71% of American adults expect job losses due to AI over the next 20 years — a significant increase from 64% in 2024.
Policymakers are already responding to these sentiments. Pennsylvania Governor Josh Shapiro signed an executive order tightening requirements for data center construction, while New York Governor Kathy Hochul announced a moratorium on permits for new large-scale facilities. These are just the first signs.
My analysis: Anthropic is essentially insuring itself against shareholder legal claims, but at the same time signaling to the market a real operational risk. In the long term, it is the industry's ability to negotiate with local communities, not just regulators, that will become the determining factor in valuing AI giants. Investors should closely watch how the company plans to address this issue — on that depends whether it can sustain its triple-digit growth trajectory after listing.