Anthropic eyes mid-November IPO as public scrutiny of data centers grows

The path to a public listing

Anthropic is currently preparing for a potential debut on the Nasdaq Global Select Market in mid-November 2026. The company has filed a preliminary registration statement indicating it intends to list its Class A shares. This move would make it the first pure-play AI company to enter the public market.

While the company previously floated a $2 trillion valuation, current investor targets have shifted. Experts now estimate the company could be valued between $1 trillion and $1.5 trillion. Anthropic has declined to comment on these specific figures or the timing of the debut.

The company has historically focused on selling Claude products and services to other businesses. This strategy helped it maintain a lower profile than some of its competitors. However, becoming a public company will likely move the organization into a much brighter spotlight.

Infrastructure and expansion goals

A major component of Anthropic's growth strategy involves securing massive amounts of compute power. The company revealed that it has roughly $895.4 billion tied up in lease deals and purchase promises as of late September 2026. These agreements are almost entirely related to infrastructure and compute capabilities.

Beyond these existing commitments, Anthropic plans to secure additional compute and expand its own data-center footprint. This physical expansion is necessary to support the increasing demands of its AI models. However, the company's prospectus warns that opposition to these projects is becoming more organized across different jurisdictions.

The company faces a difficult balancing act between its need for growth and the public's reaction to it. As a public company, Anthropic will be required to provide quarterly financial disclosures. These reports will pair its financial health with its physical expansion plans, which are currently facing significant hurdles.

Growing public opposition

Public sentiment toward AI data centers is increasingly negative across the United States. A Gallup report found that 71% of people in the U.S. are against having an AI data center built near their homes. This opposition is even higher than the 53% of people who opposed a local nuclear plant in the same survey.

Data shows that this resistance is not just a local phenomenon but a national trend. A survey by USC Annenberg found that 62% of respondents opposed construction locally, while 46% opposed it on a national level. Many people cited excessive resource use, specifically water and energy, as a primary reason for their concerns.

The trust gap between the public and large technology firms is also widening. About 71% of people surveyed did not trust Big Tech companies to act in the best interest of society regarding data-center development. This lack of trust creates a challenging environment for companies seeking to build the physical backbone of the AI economy.

The transparency test

Market specialists are divided on how the IPO will affect the company's public image. Some experts believe the high valuation will reinforce an image of billionaire power and Big Tech wealth. They expect the public to react poorly to the concentration of wealth associated with such a high price tag.

Other analysts suggest that the requirements of being a public company could actually help Anthropic. They argue that public markets demand greater transparency, which could potentially attract new users. In this view, the listing might not expose the company to more criticism than its private competitors.

The central challenge for Anthropic will be whether it can use this transparency to rebuild public trust. The company must navigate a landscape where 37% of people believe AI companies do more harm than good. Success will depend on how it manages the friction between its infrastructure needs and the concerns of the communities where those facilities are built.