Anthropic’s planned stock market entry faces a new challenge. The company reportedly wants to raise up to $100 billion through an initial public offering (IPO) that could value it at around $1.5 trillion. However, growing political opposition to artificial intelligence infrastructure could complicate its expansion plans.
The November 3 US midterm elections sent a strong message from communities where developers want to build data centres. According to Ballotpedia, voters favoured restrictions on data centre development in 40 of 41 local ballot contests. The measures included full and partial bans, construction pauses and new approval requirements.
The results matter to Anthropic because its Claude AI models depend on specialised chips, electricity and large amounts of computing capacity. Delays in building or operating data centres could affect how quickly the company expands its services and meets customer demand.
The political shift comes as Anthropic prepares for a potential IPO. The Wall Street Journal reported that major investors had become sceptical about whether the company could achieve a $1.5 trillion valuation following a sell-off in AI-related stocks. It also reported that Anthropic was targeting an IPO in the week before Thanksgiving.
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The company’s amended registration statement, filed with the US Securities and Exchange Commission (SEC) on November 2, showed rapid revenue growth but also substantial losses, large infrastructure commitments and risks linked to construction, electricity supply and local opposition.
Why could US midterm results affect Anthropic’s expansion?
Voters favoured restrictions in 40 of 41 local ballot contests, reported Ballotopedia. The only exception was Harwood, North Dakota, where voters rejected a proposed review requirement for certain developments, including data centres.
Voters approved 27 measures that restricted construction or expressed opposition to it. These included five full bans, 12 partial bans and three six-month moratoriums, all in Maine. Other measures introduced zoning requirements or sought greater community control over proposed projects.
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In Grove City, Ohio, for example, a measure required approval for developments using more than 50 acres, 20 megawatts of electricity or 500,000 gallons of water a day.
The results show concerns about the pressure data centres could place on electricity supplies, water resources and local infrastructure. Reuters had reported on October 29 that 38 local jurisdictions across 10 states had at least 41 measures that could delay, prohibit or impose new requirements on these facilities.
The opposition also gained political momentum through the midterm results. Reuters reported on November 4 that Democrats who campaigned partly on restrictions or moratoriums on data centre construction won important races in Texas and Georgia.
In Texas, Democrat Gina Hinojosa defeated Republican Governor Greg Abbott. The state is a major destination for data centre investment. Reuters cited GLJ Research estimating that Texas could account for about a quarter of US data centre capacity expected to come online by 2030.
This matters to Anthropic because several of its infrastructure agreements are linked to the state. The Los Angeles Times reported on November 3 that the company had a $50 billion partnership with Fluidstack for planned facilities in Texas and New York. It also reported a $35 billion agreement with Lambda for a data centre in Nueces County and a $9.1 billion agreement with Riot Platforms for a campus in Rockdale.
However, the election results do not mean all proposed data centres will face bans. The measures have different legal effects, and developers may shift projects to other locations.
Reuters quoted Baron Fung of Dell’Oro Group as saying that developers could move demand to another site if a project faced cancellation or delay. Such changes, however, could add time and costs.
What does Anthropic’s IPO filing reveal about its business?
Anthropic’s amended S-1 filing shows that demand for Claude has grown rapidly, but the company must spend heavily to secure computing capacity.
The Associated Press reported that Anthropic’s revenue reached about $17 billion in the latest quarter. Revenue grew 13 times to $33.2 billion in the first nine months of the year, but the company reported a net loss of $104 billion for the period. This included a $94 billion accounting adjustment related to financing agreements. Its quarterly loss was $23.3 billion.
The AP also reported that Anthropic had committed to spend $895.4 billion on AI computing and infrastructure, including data centres. About $70 billion was due over the following 12 months.
The company’s filing identifies two main revenue streams: consumption-based payments for Claude usage and subscriptions to its applications. Consumption-based revenue accounted for 79% of total revenue in the nine months ended September 30, 2026.
| Revenue source | Nine months ended September 30, 2026 |
| Consumption-based revenue | $26.3 billion |
| Subscription revenue | $6.9 billion |
| Total revenue | $33.2 billion |
Anthropic cautioned that its rapid growth may not continue at the same pace as the AI market matures. It also warned that data centre construction depends on permits, specialised equipment, skilled workers and electricity availability.
The filing specifically identifies local and state restrictions, grid constraints and opposition to data centre development as risks. These could delay or prevent the construction or expansion of facilities needed to support its computing capacity.
Anthropic said it had made voluntary commitments to reduce the impact of data centre energy use on local communities. These include covering grid upgrade costs, securing new power generation and investing in systems that reduce pressure on the grid during peak demand. The company warned that these measures could increase operating costs.
It also said demand for computing power has historically exceeded available capacity. The company often has to commit money to chip suppliers, cloud providers and data centre developers months or years before using the capacity. Incorrect demand estimates could leave it with insufficient computing power or expensive, underused infrastructure.
Could investor concerns affect Anthropic’s $1.5 trillion IPO valuation?
Infrastructure risks add to investor concerns about Anthropic’s valuation. The Wall Street Journal reported that some major investors were sceptical about a $1.5 trillion valuation following the sell-off in AI-related stocks.
Reuters reported that Anthropic was preparing to formally market shares to prospective investors. Its filing showed quarterly revenue of $16.96 billion, up 47% from the previous quarter, although growth had slowed.
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Reuters quoted Aidan Yao, a senior investment strategist at the Amundi Investment Institute, as saying, “In our view, the significance of these midterm elections is more like a referendum on AI than a referendum on (Donald) Trump.”
Yao warned that restrictions on AI could create wider economic uncertainty. “If the AI theme is subject to some restrictions, then the US economy, US inflation and US monetary policy all become very, very uncertain,” he said.
The midterm results do not determine the success or failure of Anthropic’s IPO, nor do they mean the US will stop data centre construction. But they highlight a challenge for the company: securing the infrastructure needed to sustain its growth while managing costs and navigating local opposition.
Investors will therefore have to look beyond Claude’s revenue growth and assess whether Anthropic can build the computing capacity required to support its ambitions. Its proposed IPO could become a test of how much confidence markets have in the future of AI infrastructure.
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