ZINC

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.

Anthropic already has $132bn of cash.

Add a ~$140bn IPO, $77bn of committed funding from Google, Amazon and Broadcom and cash from a business growing 14x a year and it could be sitting on roughly $400bn by the end of 2027.

That's more firepower than almost any company on… https://t.co/NM8zQYw6kQ pic.twitter.com/RgYThxppJP

— Nicholas Mugalli (@RealNickMugalli) October 26, 2026

‘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.

"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."

If you think Anthropic’s revenue of 65B ARR is crazy. Set that against a $30 trillion market and it has captured about 0.2%.

That's the most important number in the IPO. This is already one of the fastest growing companies in history and it has barely started. If AI ends up… https://t.co/EzRt5SJbdQ pic.twitter.com/czQexYx8TP

— Nicholas Mugalli (@RealNickMugalli) October 26, 2026

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.

A year ago, about 950 customers spent more than $100K a year with Anthropic. Today it's over 11,900. Roughly 1,900 spend more than $1mn a year and about 250 spend more than $10mn.

This is what separates Anthropic from the AI hype imo. It isn't a consumer app riding a trend even… https://t.co/cruC28TJbe pic.twitter.com/epxwVHx97q

— Nicholas Mugalli (@RealNickMugalli) October 26, 2026

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

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