Anthropic IPO: $900 Billion in Commitments, Giants Exposed

Key Takeaways

1Anthropic is preparing for its Nasdaq debut with an expected price between $70 and $78 per share

2The company's spending commitments exceed $900 billion, including $110 billion with Amazon

3Major chip and cloud players are investing $26 billion in the IPO

4The market remains volatile, with a significant decline in the Nasdaq and a crisis at Nvidia

Why it matters : This IPO represents a crucial test for the entire AI sector, mobilizing unprecedented investments and financial commitments in a context of high uncertainty.

Anthropic is preparing for its debut on the Nasdaq as the tech sector faces a correction and Nvidia navigates a crisis. With commitments reaching $900 billion and strategic partners involved, the operation is being closely monitored by the entire AI ecosystem.

Market Under Pressure: Nasdaq Decline and Nvidia Crisis

The Nasdaq fell at the beginning of November after a 5.3% drop in October, marking its worst performance since March 2025. Meanwhile, Nvidia saw its stock plummet by 13% this week, reaching its lowest level since July 2025, following the ousting of Jensen Huang. In this context, Anthropic is looking to raise a significant portion of the funds needed for its technological developments and infrastructure by going public. The company reported a net loss of $104 billion in the first nine months of 2026.

Tech Heavyweights Financially Committed

Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia, and Taiwan Semiconductor Manufacturing Company are collectively investing $26 billion at the IPO price. Several of these companies are already shareholders of Anthropic. Amazon, an early supporter, could see its stake reach hundreds of billions of dollars. Major chip manufacturers and internet giants have a direct interest in the success of this IPO.

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Massive Contracts: $900 Billion in Commitments and 31% in Cloud

In its prospectus, Anthropic mentions spending commitments exceeding $900 billion, including at least $110 billion spread over ten years with Amazon. This is supplemented by $400 billion allocated to cloud capacity with other companies and $300 billion committed to partners specializing in data centers and semiconductors. According to Anthropic, contracts with Amazon, Google, and Microsoft account for 31% of its contractual obligations. Last year, Amazon built a dedicated data center for Anthropic in Indiana, equipped with custom chips.

Pricing, Timeline, and Google Chip Deliveries Expected After 2028

The initial price is currently expected to be between $70 and $78 per share, with the first listing scheduled for Thursday on the Nasdaq. Anthropic plans to allocate between $125 and $150 billion for the purchase of AI chips from Google, with deliveries not expected to begin until 2028. The IPO could generate over $90 billion in revenue, which would be added to the $132 billion in cash already held by the company, including short-term investments.

Unfavorable Political and Financial Climate for Neoclouds

Rising interest rates have diverted investors from heavily indebted neoclouds, which are now essential to infrastructure. This month's midterm elections, marked by significant Democratic victories and the adoption of numerous measures, could limit the development of new data centers nationwide. This context adds to a challenging period for the tech sector, with a backlash against AI and the crisis at Nvidia. "The numbers are simply staggering," comments Joe Fath, an investor at Eclipse. Anthropic and Google declined to comment.