The AI developer is preparing to list shares on the Nasdaq under the ticker “ANT” as early as next Thursday, with a target price range of $70 to $78 for up to 825 million shares. The offering could raise as much as $64.4B, the majority of which would go directly to the company, valuing Anthropic at up to $1.4T. The valuation target is lower than previous estimates of $2T, a move the company attributes to a broader tech market selloff and voter dissatisfaction with AI data center expansion during recent midterms.
Updated disclosure in the company’s S-1 filing reveals the firm has increased its mandatory spending minimums through 2033 to about $121.3B for Google and at least $47.2B for Microsoft. Unlike some other contracts, these cloud commitments must be paid regardless of whether Anthropic uses the capacity. The company is shifting toward these long-term guarantees to reduce spending on short-term compute, which cost $5.0B in the last quarter.
The filing also notes that a $34.9B agreement with GPU provider Lambda—about 85% of its total $41.3B commitment to the firm—is now terminable by either party because Lambda missed a deadline to secure a facility lease. Anthropic has not sent a termination notice and states it does not currently intend to cancel the deal, noting that it only pays Lambda as capacity is delivered and accepted.