Anthropic acknowledges: public distrust of AI and data centers is the main risk for the IPO.
Anthropic is preparing to include a separate section dedicated to systemic risks in the prospectus for its initial public offering (IPO). The focus is on the growing negative public sentiment toward artificial intelligence technologies and data center construction. This is not just a formality, but a signal of fundamental changes in how the industry is perceived.
According to my information, the confidential filing was submitted back in June, after which the company held a series of closed-door meetings with bankers and major investors in San Francisco. The public version of the document is expected to appear in the coming weeks. Including such warnings is standard practice for legal protection, but here it is about acknowledging a real threat to the business model.
Investors are asking uncomfortable questions
During the roadshow, the company's Chief Financial Officer, Krishna Rao, faced direct questions about competitive pressure from open-source models and margin compression. However, the main sticking point is the dependence of revenue on access to computing power. Any delay in the construction of new data centers directly impacts the ability to scale services.
The numbers are impressive: Anthropic's annualized revenue run rate exceeded $65 billion in July, roughly $25 billion more than OpenAI. On the over-the-counter market, the company is valued at nearly $1 trillion, and investors expect that after listing, its market capitalization could reach $2 trillion. This would potentially break SpaceX's record for the amount of funds raised.
Polls show explosive growth in protest sentiment
The data I analyzed confirms the validity of these concerns. A Gallup study conducted in March showed that 7 out of 10 Americans oppose the placement of AI data centers near their homes, with 48% strongly opposed. But a more alarming trend is visible in a recent Heatmap Pro poll (Embold Research, August 8–13, 2,045 registered voters): 75% of respondents now oppose construction. A year ago, that figure was only 42%.
This trend is compounded by fears about jobs. Pew Research shows that 71% of American adults expect job losses due to AI over the next 20 years, up from 64% in 2024.
Politicians are already reacting. Pennsylvania Governor Josh Shapiro signed an executive order tightening requirements for data center construction, and New York Governor Kathy Hochul announced a moratorium on issuing permits for new large-scale facilities.
My analysis: The market is currently valuing Anthropic solely through the lens of revenue growth, ignoring the accumulating socio-political risks. However, if protest sentiment leads to real regulatory restrictions on infrastructure construction, this could become the main brake on the entire AI industry, not just one company. Investors should factor this into their valuation models—otherwise, they face an unpleasant surprise after the listing.