Anthropic heads to Nasdaq targeting $90B to fund historic $900B commitments

Anthropic is preparing to list on the Nasdaq on Thursday, marking one of the most critical tech market debuts in years. A group of major tech companies, including Google, Microsoft, Nvidia, AMD, Broadcom, Micron, and TSMC, are collectively investing $26 billion at the initial public offering price, which is projected at $70 to $78 per share.

Staggering commitments and steep losses

The public listing could generate over $90 billion in proceeds for the Claude developer. Anthropic held $132 billion in cash and short-term investments prior to the offering, but it posted a net loss of $104 billion during the first nine months of 2026. The new capital will help fund colossal operational expenses, with the company reporting over $900 billion in outstanding spending obligations.

These commitments include at least $110 billion with Amazon across a decade, alongside $400 billion with other cloud providers. Anthropic has also pledged $300 billion to data centerData CenterA large facility housing computer systems and associated components for storing and processing massive amounts of data. Open in glossary and processor partners, which includes between $125 billion and $150 billion for Google chips scheduled for delivery beginning in 2028. Contracts with Amazon, Google, and Microsoft represent 31% of the company’s total obligations.

Turbulent market backdrop

Anthropic’s debut arrives amid significant market volatility. The Nasdaq dropped 5.3% in October, while rising interest rates have pressured debt-reliant infrastructure providers. Local ballot measures passed during recent midterm elections also threaten to restrict future data center construction.

The sector is simultaneously dealing with disruption at Nvidia. The chipmaker saw its shares drop 13% after the abrupt departure of chief executive Jensen Huang, who was replaced on an interim basis by chief financial officer Colette Cress. Google will hold roughly 13% of Anthropic following the listing and has agreed to backstop $19 billion in lease agreements for Kentucky data center capacity with Terawulf if Anthropic encounters insolvency.