Anthropic is preparing a stock market listing and will name public hostility toward AI and new data centers as a risk factor in its prospectus, according to people familiar with the plans. The company has been holding informal meetings with bankers and investors, where its finance chief is being questioned about competition, margin pressure from free open-source models and a possible slowdown in data center building. Anthropic declined to comment, and the prospectus is expected within weeks.

• ~$1T private valuation
• ~$2T projected IPO valuation
• $65B annualized revenue run rate
• 70% of Americans oppose local data centers