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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Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.