Anthropic’s IPO lands as the embattled AI trade looks for a much-needed bright spot

Anthropic is expected to begin trading on Nasdaq on Thursday in what could be one of the most consequential technology flotations in years. The company’s debut matters well beyond its own investors: major technology firms have put billions into the Claude maker and depend on its continued demand for computing capacity as they build out AI infrastructure.

Seven companies, including AMD, Broadcom, Google, Microsoft and Nvidia, are investing a combined $26 billion at an expected share price of $70 to $78; Amazon is also an early backer. Anthropic’s prospectus lists more than $900 billion in outstanding spending commitments, including at least $110 billion with Amazon over ten years and $400 billion with other firms for cloud capacity. It also plans to spend $125 billion to $150 billion on Google AI chips, with deliveries due to start in 2028.