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Anthropic's IPO prospectus is expected to carry public opposition to AI data centers as a key risk factor, in an offering investors project could value the company at about $2 trillion. CNBC reported the preparations, citing people familiar with the matter who described confidential sessions in San Francisco.

At a glance

• Preliminary test-the-water meetings with bankers and investors are running in San Francisco, where CFO Krishna Rao is fielding questions on competition, margin pressure from open-source models and a possible slowdown in data center construction.
• Gallup's May survey found seven in 10 Americans opposed to AI data center construction in their area, with close to half of those polled strongly opposed to building near their communities.
• The prospectus is being prepared while hyperscalers spend hundreds of billions of dollars this year on data center development and the graphics processing units needed to fill them.

Risk factor sections are legal boilerplate as much as disclosure, but what a filer chooses to put in them reads as a signal about where it sees its own ceiling. For a lab whose revenue scales with compute, local permitting fights are not a reputational footnote but a supply constraint. That framing will likely set the terms on which public investors price growth at Anthropic and at every lab dependent on the same build-out.

SpaceX raised $85.7 billion two months ago, and investors expect Anthropic to go bigger

Anthropic filed confidentially in June for what will be among the biggest IPOs on record. The benchmark is SpaceX, which raised $85.7 billion including the underwriter option two months ago, by far the largest offering to date, and which competes with Anthropic through its AI division.

Investors expect Anthropic to top that raise, the people said. The company is valued at close to $1 trillion in the private market, and the San Francisco sessions with bankers and investors are confidential, according to people who asked not to be named while discussing them.

Byron Donalds won Florida's Republican primary proposing data center restrictions

With midterms less than three months away, politicians in both parties have been pushing back on data center development, reflecting the anger of their constituents. Data centers were a key issue in Florida's Republican gubernatorial primary on Tuesday, won by Representative Byron Donalds, who has proposed restrictions on data centers in the state.

The same day, Pennsylvania Governor Josh Shapiro, a Democrat, signed an executive order placing harsh standards on data center development in his state. On the other side of the same Gallup survey, roughly a quarter of those polled said they were in favor of nearby data center construction.

Anthropic just topped a $65 billion annual revenue run rate

Anthropic, like OpenAI, is pushing its infrastructure partners to build out quickly to meet demand for advanced models and new services. Compute capacity is directly correlated to revenue for AI labs, and a slowdown could dent the growth rate of a company that just topped a $65 billion annual revenue run rate, as CNBC has reported.

Companies are required to set out their risk factors in a prospectus, as disclosure to investors and as legal protection for the issuer. SpaceX used that section of its own filing to flag broad macroeconomic and geopolitical exposure in the following terms:

Adverse global macroeconomic and geopolitical conditions may negatively affect our business, financial condition, results of operations and future prospects.

When the prospectus becomes public. No date has been given for the public filing or the listing, and no price range, share count or underwriting syndicate has been reported. Test-the-water meetings carry no commitments, so the $2 trillion figure remains a projection by investors rather than a target set by the company. Whether state-level restrictions harden before the midterms is unresolved.