Anthropic PBC says it expects to face heightened scrutiny of how it tackles environmental and social tensions associated with the build-out of AI infrastructure.

The company, which publicly filed for an initial public offering on Monday, said it’s aware its efforts to secure power may face regulatory hurdles if there’s a perception its activities are impacting utility costs or the environment more broadly.

“Data center development has prompted public controversy and regulatory scrutiny regarding environmental impact, land and water use,” the company noted in its IPO filing. At the same time, Anthropic’s “brand is subject to heightened scrutiny with respect to perceived societal, environmental, labor, health, and safety-related impacts,” it also said.

The companies building out the infrastructure needed to power artificial intelligence have faced increasing pushback from local communities worried about the impact on precious resources. Last month, it emerged that Oracle Corp. had cited force majeure after opposition from environmental nonprofits and regulatory setbacks complicated efforts to secure power for a data center campus in New Mexico. That project is intended to provide computing power for OpenAI.

Across the U.S., at least 106 data center projects — representing about $198 billion in investments — were blocked or delayed amid local opposition during the first half of this year, according to Data Center Watch, a monitor run by AI intelligence firm 10a Labs. A September poll by University of Massachusetts Amherst puts U.S. voter opposition to local AI data centers at 65%, compared with just 11% in favor.

Anthropic noted in its filing that environmental standards applicable to power generation “continue to evolve, including as a result of changing governmental priorities and shifting public and political views regarding climate change and the appropriate treatment of various power generation sources.”

It added that any failure to secure access to adequate electrical power, as well as any legal, regulatory, or other administrative action or change limiting the availability of electricity — or any significant increase in energy or compliance costs — could “adversely affect our cost structure.” Such hurdles would have the potential to “limit our ability to scale our compute infrastructure, develop and deploy our models, and service our customers.”

Anthropic also highlighted climate change and environmental concerns more broadly as risk factors, including the potential fallout of extreme weather.

“The physical effects of climate change may increase our operating costs over time, as higher average temperatures can increase the power consumption and water usage required to cool equipment at the facilities on which we depend,” it said.

Such concerns “are now core financial and fiduciary considerations, not side issues,” said Blaine Townsend, director of sustainable, responsible & impact investing at Bailard, a wealth and asset management firm.

How global warming impacts businesses poses a growing risk for investors as increasingly destructive storms, droughts and floods threaten infrastructure. The seriousness with which a company treats such threats is therefore something some shareholders are monitoring more closely.

Lionella Pezza, director of impact research at Domini Impact Investments, said Anthropic’s IPO filing is a reflection of just how important sustainability is for AI companies. At the same time, “there is not sufficient disclosure about the company’s environmental impact,” and the filing “contains no quantitative information on Anthropic’s greenhouse gas emissions, energy consumption, or water use,” she said.

The risks identified are discussed only “in general terms,” Pezza added. “What is missing is any assessment of where that exposure sits, how large it is, and what it could mean for costs, computing capacity, and service continuity. Adequate disclosure should address both the company’s impact on the environment and the risks that environmental constraints pose to its business.”

The Anthropic filing contrasts with SpaceX’s, which had no mention of climate change. SpaceX subsequently amended its filing to add water scarcity as a risk factor.

Artificial intelligence companies have come under scrutiny from activist groups, community members, regulators and investors. Some states have pushed for moratoriums on new data center builds as they assess the potential impact to the environment and power prices. Anthropic acknowledged in its S-1 that this backlash could result in reputational harm to its business.

“What we’d want to see, industrywide, is disclosure standards that keep pace with that reality, not just risk factors written to protect against liability, but a real accounting of environmental and social externalities,” Townsend said.

Bailard’s research has highlighted three specific categories in which AI’s environmental footprint is material: data centers disproportionately located in communities already burdened by pollution, AI’s water use and its energy demand, Townsend said. “When we evaluate an AI company’s disclosures, we look for whether they address each of these three categories specifically.”

Anthropic also referred to “increasing scrutiny” related to its ESG practices and reporting “both in the United States and internationally.” And it mentioned a “particular focus on concerns relating to AI and its impact on society and the environment,” including the power-intensive nature of its business, public concern about water usage and the reliance on critical minerals.

“Some investors may use these non-financial performance factors to guide their investment strategies and, in some cases, may choose not to invest in us if they believe our policies and actions relating to ESG are inadequate,” it said.

(With assistance from Robin Ajello.)

©2026 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.