Anthropic IPO meets AI backlash after midterms show stinging rebuke of data centers

Anthropic is preparing for a possible Nasdaq listing in mid-November, but the IPO comes amid a growing public backlash against AI and the data centres that support it. The political response to AI in the midterm elections, alongside a weaker market for technology shares, could make it harder for the company to attract investors at a high valuation.

Investors are reported to see Anthropic targeting a valuation of $1 trillion to $1.5 trillion, below the $2 trillion figure discussed in recent months. Candidates who supported tougher AI regulation won in Michigan, Ohio, Texas and Georgia, while local communities rejected data-centre ballot measures in 40 of 41 cases. An NBC News exit poll found that more than half of voters considered AI data centres a major or crucial factor in their congressional vote.