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Abstract Direct imaging observations are biased toward wide-separation, massive companions that have degenerate formation histories. Although the majority of exoplanets are expected to form via core accretion, most directly imaged exoplanets have not been convincingly demonstrated to follow this formation pathway. We obtained new interferometric observations of the directly imaged giant planet AF Lep b with the VLTI/GRAVITY instrument. We present three epochs of ∼50μas relative astrometry and theK-band spectrum of the planet for the first time at a resolution ofR= 500. Using only these measurements, spanning less than 2 months, and the Hipparcos-Gaia Catalogue of Accelerations, we are able to significantly constrain the planet’s orbit; this bodes well for interferometric observations of planets discovered by Gaia DR4. Including all available measurements of the planet, we infer an effectively circular orbit (e< 0.02, 0.07, and 0.13 at 1σ, 2σ, and 3σ, respectively) in spin–orbit alignment with the host and measure a dynamical mass ofM_p= 3.75M_Jup± 0.5M_Jup. Models of the spectrum of the planet show that it is metal-rich ([M/H] = 0.75 ± 0.25), with a C/O abundance encompassing the solar value. This ensemble of results shows that the planet is consistent with core accretion formation.