消息人士称，Anthropic IPO 文件将把 AI 反弹情绪列为风险因素

Dario Amodei，Anthropic 联合创始人兼首席执行官，2026 年 4 月 30 日星期四在美国加利福尼亚州旧金山 Anthropic 总部接受采访。

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Anthropic 即将进入公开市场之际，越来越多美国人正对人工智能感到担忧，并高声反对新建数据中心。知情人士表示，这种反弹情绪预计将成为 Anthropic IPO 招股说明书中的一项关键风险因素。

知情人士称，Claude 的开发商一直在旧金山与银行家和投资者举行初步的“试水”会议。由于这些会议具有保密性质，相关人士要求匿名。消息人士称，在这些会议中，首席财务官 Krishna Rao 被问及市场竞争、开源模型造成的利润率压力，以及数据中心建设放缓可能带来的后果。

6 月，Anthropic 以保密方式提交了上市申请，这将成为有史以来规模最大的 IPO 之一。通过其 AI 部门与 Anthropic 竞争的 Elon Musk 旗下 SpaceX 两个月前融资 857 亿美元，其中包括承销商超额配售选择权。这是迄今为止规模最大的发行。

知情人士称，投资者预计 Anthropic 的规模可能超过 SpaceX，并预计该公司上市时的估值可能约为 2 万亿美元。

Anthropic 拒绝置评。

与竞争对手 OpenAI 一样，Anthropic 正推动其基础设施合作伙伴以极快速度扩建，以满足对先进模型和新服务的需求。科技行业的超大规模云服务商今年正投入数千亿美元资本支出，用于推动数据中心建设，并采购填充这些数据中心所需的图形处理器。

但公众情绪并不站在它们这一边。

根据盖洛普 5 月发布的一项调查，十分之七的美国人反对在自己所在地区建设 AI 数据中心，其中接近半数受访者表示“强烈反对”。盖洛普称，约四分之一受访者对此表示支持。

佛罗里达州共和党籍联邦众议员、州长候选人 Byron Donalds，2026 年 8 月 16 日星期日，在美国佛罗里达州博卡拉顿一场初选前的“动员投票”活动上。

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距离中期选举不到三个月，两党政治人士都在反对数据中心开发，这反映出其选民的愤怒情绪。

这也是周二佛罗里达州共和党州长初选的关键议题。最终胜出的联邦众议员 Byron Donalds 曾提议限制佛罗里达州的数据中心。同一天，宾夕法尼亚州民主党州长 Josh Shapiro 签署行政命令，对该州的数据中心开发施加严格标准。

企业必须在招股说明书中列明风险因素，既作为面向投资者的披露，也为获得法律保护。SpaceX 在其风险因素部分表示：“不利的全球宏观经济和地缘政治状况，可能对我们的业务、财务状况、经营业绩和未来前景产生负面影响。”

对于 Anthropic 这类 AI 实验室而言，算力容量与营收直接相关；Anthropic 在私募市场的估值接近 1 万亿美元。正如 CNBC 此前报道，该公司刚刚达到 650 亿美元的年化营收运行率，若基础设施建设放缓，可能会削弱其历史性的增长速度。

— CNBC 的 Ashley Capoot 对本文亦有贡献。

Dario Amodei, co-founder and chief executive officer of Anthropic, during an interview at Anthropic's headquarters in San Francisco, California, US, on Thursday, April 30, 2026.

Jason Henry | Bloomberg | Getty Images

Anthropic is poised to hit the public market at a time when an increasing number of Americans are worried about artificial intelligence and are loudly opposing new data centers. That backlash is expected to be a key risk factor in Anthropic's IPO prospectus, according to people familiar with matter.

The Claude creator has been holding preliminary "test-the-water" meetings with bankers and investors in San Francisco, said the people, who asked not to be named because the sessions are confidential. In the meetings, CFO Krishna Rao is being asked about competition, margin pressure from open-source models, and what happens if there's a slowdown in the building of data centers, the sources said.

In June, Anthropic confidentially filed to go public in what will be among the biggest IPOs on record. Elon Musk's SpaceX, which competes with Anthropic through its AI division, raised $85.7 billion, including the underwriter option, two months ago. It's by far the largest offering to date.

Investors expect that Anthropic may top that, and project the company could float at a valuation of about $2 trillion, the people said.

Anthropic declined to comment.

Like rival OpenAI, Anthropic is pushing infrastructure partners to build out at warp speed in order to meet demand for advanced models and new services. Tech's hyperscalers are shelling out hundreds of billions of dollars this year on capital expenditures to fuel data center develop and purchase the graphics processing units needed to fill them.

But public sentiment isn't in their favor.

According to a Gallup survey published in May, seven in 10 Americans opposed AI data center construction in their area, with close to half of those polled "strongly opposed." Roughly a quarter of people surveyed are in favor, Gallup said.

Representative Byron Donalds, a Republican from Florida and gubernatorial candidate, during a "Get Out The Vote" rally ahead of a primary election in Boca Raton, Florida, US, on Sunday, Aug. 16, 2026.

Eva Marie Uzcategui | Bloomberg | Getty Images

With midterms less than three months away, politicians on both sides of the aisle have been pushing back on data center development, reflecting the anger of their constituents.

It was a key issue in Florida's Republican gubernatorial primary on Tuesday, which was won by Rep. Byron Donalds, who has proposed restrictions on data centers in Florida. That same day Pennsylvania Democratic Gov. Josh Shapiro signed an executive order placing harsh standards on data center development in his state.

Companies are required to outline their risk factors as investor disclosures and for legal protection in their prospectus. SpaceX said in its risk factors section that, "Adverse global macroeconomic and geopolitical conditions may negatively affect our business, financial condition, results of operations and future prospects."

Compute capacity is directly correlated to revenue for AI labs like Anthropic, which is valued at close to $1 trillion in the private market. A slowdown could dent the historic growth rate for a company that just topped a $65 billion annual revenue run rate, as CNBC previously reported.

— CNBC's Ashley Capoot contributed to this report.