Key Points
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Alphabet and Broadcom are both about to benefit from Anthropic’s adoption of TPUs.
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Amazon will benefit from Anthropic’s spending through compute commitments and channel partner fees.
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SpaceX and Nvidia will also benefit from Anthropic’s big spending.
- 10 stocks we like better than Alphabet ›
Anthropic filed its highly anticipated S-1 prospectus on Oct. 26, and that document revealed five AI companies that are set to benefit most from its infrastructure spending spree: Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), Broadcom (NASDAQ: AVGO), Amazon (NASDAQ: AMZN), Space Exploration Technologies (NASDAQ: SPCX), and Nvidia (NASDAQ: NVDA).
Here’s how these companies — and their stocks — are set to benefit.
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Alphabet
Alphabet looks like the biggest winner from Anthropic’s enormous demand for compute. It has racked up considerable non-cancellable commitments from the AI lab. Anthropic has agreed to spend at least $114.5 billion with Alphabet’s Google Cloud for cloud computing services running from April 2026 to July 2033, and it will pay for that capacity regardless of its actual usage.
In addition, Anthropic has agreed to buy between $125 billion and $150 billion of Alphabet’s Tensor Processing Units (TPUs). While Alphabet’s TPU partner Broadcom will get the revenue from direct sales, Alphabet will get a high-margin licensing fee. Wells Fargo has estimated that this is approximately $2,500 per TPU, with about 85% gross margin.
In addition to its cloud commitments and TPU sales, Alphabet also owns an over 12% stake in Anthropic, and it receives fees for selling its models through Google Cloud.
Broadcom
Broadcom is Alphabet’s co-developer partner for its TPUs and will record revenue from TPU sales. Anthropic also signed a five-year, $161.2 billion master lease with Broadcom to deploy TPUs across third-party data centers.
Broadcom has said that Anthropic is set to become its largest customer, and these details show why. The company is set to generate around $57.5 billion in total AI revenue this fiscal year, so this is a massive five-year contract from a single customer. This all supports the company’s forecast that its annual AI revenue will quadruple to $230 billion in its fiscal 2028 (which ends in October 2028).
If you believe in Anthropic and its ability to pay for these commitments, Broadcom stock is a no-brainer buy trading at a forward P/E of around 11 times fiscal 2028 analyst estimates.
Amazon
Like Alphabet, Amazon wins with Anthropic in a few ways. The first is that the AI lab has committed to spending $110 billion on Amazon’s cloud services between May 2026 and April 2036. And like Alphabet, it is also getting a cut of the money Anthropic makes selling its AI models through its cloud platform. Through the first half of 2026, Anthropic paid more than $2.7 billion in fees to its channel partners. Finally, as of the end of June, Amazon held convertible notes representing roughly 11% of Anthropic.
Amazon has been hitting on all cylinders, and its relationship with Anthropic should help continue to fuel Amazon Web Services’ revenue growth acceleration.
SpaceX
Anthropic also revealed that it has an agreement to lease compute capacity from SpaceX through 2029.
Once SpaceX is delivering the full volume of compute power the agreement specifies, Anthropic will be paying it $3.1 billion per month, up to $120.5 billion in total. Notably, either party can cancel the contract within 90 days following two initial periods that end in January 2027 and March 2027.
SpaceX rents out compute on short-term deals, and, as a result, is getting higher rates for its capacity. The company says it has been earning enough to pay off its investments in that capacity in about a year, and CEO Elon Musk thinks it can push that down to six months. As such, the ability to cancel its deal with Anthropic if GPU rental rates shoot up gives SpaceX some flexibility, though it also adds some risk.
Image source: Getty Images.
Nvidia
Anthropic’s commitments are also set to benefit Nvidia. SpaceX will use Nvidia’s Vera Rubin platform exclusively, so Nvidia will benefit from that deal. Microsoft also mostly uses Nvidia chips in its cloud data centers, and it has commitments with Anthropic for at least $44.9 billion in compute power through May 2033. Nscale and Lamda also have deals with Anthropic — worth a combined $85.9 billion — to provide computing capacity powered by Nvidia GPUs.
While Anthropic is spreading its bets around and using different AI accelerators to power Claude, Nvidia is still winning its fair share of business. Expect the semiconductor stock to remain one of the largest AI infrastructure winners moving forward.
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Wells Fargo is an advertising partner of Motley Fool Money. Geoffrey Seiler has positions in Alphabet, Amazon, and Broadcom. The Motley Fool has positions in and recommends Alphabet, Amazon, Broadcom, and Nvidia. The Motley Fool has a disclosure policy.
