Anthropic IPO Filing to Flag AI Backlash as Key Risk Factor

Anthropic is preparing to disclose mounting public opposition to artificial intelligence and data center development as a significant risk factor in its initial public offering documents, according to sources familiar with the matter.

The AI company, which created the Claude chatbot and is valued near $1 trillion in private markets, has been conducting preliminary meetings with bankers and investors in San Francisco, CNBC first reported. During these "test-the-water" sessions, CFO Krishna Rao has fielded questions about competitive pressures, margin erosion from open-source models, and potential slowdowns in data center construction.

Anthropic confidentially filed for its IPO in June. Investors project the company could debut at roughly a $2 trillion valuation, potentially surpassing the $85.7 billion raised by Elon Musk's SpaceX in its June offering—currently the largest on record.

Public sentiment turns against AI infrastructure

The timing presents a challenge. A Gallup survey published in May found that seven in 10 Americans oppose AI data center construction in their communities, with nearly half expressing strong opposition. Only about a quarter of respondents support such development.

This sentiment is translating into political action with midterm elections approaching. Florida Republican gubernatorial candidate Byron Donalds, who won his primary this week, has proposed restrictions on data center development in the state. Pennsylvania Democratic Governor Josh Shapiro signed an executive order imposing strict standards on data center projects.

Infrastructure constraints pose revenue risk

The backlash matters because compute capacity directly correlates to revenue for AI companies like Anthropic. The firm recently surpassed a $65 billion annual revenue run rate, but sustained growth depends on continued expansion of data center infrastructure.

Like rival OpenAI, Anthropic relies on infrastructure partners to build facilities at accelerated pace to support advanced models and new services. Technology companies are investing hundreds of billions of dollars this year in capital expenditures for data center development and the graphics processing units needed to power them.

Any slowdown in this buildout could constrain the company's historically rapid growth trajectory.

Why it matters

Anthropic's disclosure signals that AI companies can no longer ignore the political and social dimensions of their infrastructure needs. As these firms prepare for public market scrutiny, they must account for regulatory uncertainty and community opposition that could directly impact their ability to scale—a reality that extends well beyond Anthropic to the entire AI industry's expansion plans.

These details were first reported by CNBC's Kate Rooney.