When and how do firms respond to climate change? We argue that companies update their beliefs about the immediacy of global warming in response to direct experiences, such as extreme heat. These updated beliefs lead firms located in places facing future damages to exercise economic and political strategies of exit or voice to reduce climate change risks. To test these claims, we construct a firm-level measure of global warming vulnerability using data on 6.6 million establishments and a spatial economic assessment model. After firms experience extreme heat, those facing future climate damage lobby more on climate-related issues, exercising their voice. There is limited evidence of delayed economic adaptation. Our findings point to the importance of firm geography for understanding business influence in politics and help to explain how global warming will reshape political coalitions as its effects are increasingly felt.