Anthropic’s IPO Filing Reveals Over $500 Billion AI Compute Spending Across AMZN, GOOGL, MSFT, AVGO and SPCX: Top Analyst Says It Has ‘Barely Started’

Anthropic PBC’s IPO filing outlines hundreds of billions of dollars in compute commitments across Broadcom Inc. (NASDAQ:AVGO), Alphabet Inc. (NASDAQ:GOOGL), Amazon.com Inc. (NASDAQ:AMZN), Microsoft Corp. (NASDAQ:MSFT), Advanced Micro Devices Inc. (NASDAQ:AMD) and Space Exploration Technologies Corp. (NASDAQ:SPCX), while World Trade Securities’ Nicholas Mugalli says the AI company has "barely started" tapping its potential market.

Mugalli Points To Roughly $500 Billion Compute Buildout

"Anthropic’s S-1 shows where the AI money goes," Mugalli wrote on X, listing commitments of $161.2 billion to Broadcom, $114.5 billion to Google, $110 billion to Amazon, up to $84.5 billion to SpaceX and $44.9 billion to Microsoft, alongside 2 gigawatts of AMD MI450 GPUs with an undisclosed dollar value.

"That’s ~$500bn of compute locked in across every major chip maker," Mugalli said.

Anthropic said in its S-1 that its multi-chip compute architecture spans AWS Trainium, Google TPUs, Nvidia Corp. (NASDAQ:NVDA) GPUs, and AMD GPUs and that it plans to continue investing at scale in compute and infrastructure.

‘It Has Barely Started’

Mugalli tied the spending to Anthropic’s growth and addressable market, saying its roughly $65 billion revenue run rate represents about 0.2% of a $30 trillion market.

Read Next

Markets

‘What’s Wild’ About Anthropic’s Filing? Shay Boloor Points to $2.08 in Revenue for Every Compute Dollar

Anthropic’s IPO draws investor optimism as revenue growth outpaces compute spending, signaling improving AI efficiency.

4 min read

Read this article

"That’s the most important number in the IPO," Mugalli wrote. "This is already one of the fastest-growing companies in history, and it has barely started."

Anthropic’s filing says knowledge workers generated more than $40 trillion in economic value globally in 2025, while the company expects frontier AI to expand that opportunity.

Mugalli also highlighted Anthropic’s customer expansion, saying customers spending more than $100,000 annually increased from about 950 a year ago to more than 11,900.

The S-1 reports more than 11,900 customers generating at least $100,000 on a trailing-12-month basis, more than 1,900 generating at least $1 million and roughly 250 generating at least $10 million.

Read Next

Markets

SKHY, BABA in the Crosshairs: Goldman Slashes KOSPI Ahead of Earnings, Morgan Stanley Warns on China AI

Asian AI stocks face pressure as Goldman slashes its KOSPI target and Morgan Stanley warns on China downside ahead of SK Hynix earnings.

2 min read

Read this article

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock