Colocation & Edge

Anthropic's filing shows a compute obligation base of about $895 billion, and $437 billion of that sits in non-cancellable deals with Microsoft, Google, Amazon and Broadcom. Revenue growth is slowing (46% in Q3 versus roughly 2.5x in Q2) while compute costs grew 77%, which raises concern about whether revenue can cover the commitments. Suppliers and hyperscalers gain long-dated contracted demand visibility, but they also take on counterparty concentration risk if Anthropic's growth stalls. About 44% of Anthropic's revenue flows through cloud marketplaces, which ties its fortunes to partners that also compete with it. The IPO could set the valuation and financing benchmark for frontier AI labs, and investors will watch whether capital markets can fund spending on this scale.

Anthropic's S-1 discloses $542-567 billion of compute and infrastructure commitments, including a $417 billion deal signed Dec. 31, 2025 and up to $120.5 billion of SpaceX-hosted Nvidia capacity. The new Anthropic Direct program shifts a growing share of spend to leased, dedicated data centers, with $125.2 billion of rent over five years and Broadcom as the largest partner at $42 billion of potential financing. Broadcom rose 3% on the news, while Amazon, Google and Microsoft are shown as simultaneous suppliers, investors, customers and competitors. The filing flags large upfront cash outflows, power-connection delays and chip or equipment shortages as risks to liquidity and execution. Revenue of roughly two dollars per dollar of compute is a supportive unit-economics signal, but the scale of fixed commitments raises the stakes for AI demand continuing.

SoftBank's reported $50 billion plan would be one of the largest single AI infrastructure commitments in Southeast Asia, dwarfing Google's $2 billion, AWS's $6.2 billion and Microsoft's $2.2 billion pledges in Malaysia. It builds on a framework agreement with Grab and Petroleum Sarawak Berhad to explore AI and digital infrastructure in Sarawak. The plan reinforces Malaysia's position as a regional data center hub, which has already drawn about $94 billion in related investment since 2021. Details such as timeline, structure and financing are not confirmed, and SoftBank has not commented, so the headline figure carries execution risk. Suppliers of data center power, cooling, networking and compute stand to benefit if the spending materializes, while it also adds to SoftBank's heavy AI capital commitments.

TikTok USDS Joint Venture is exploring multi-gigawatt compute procurement, with one source citing a four-gigawatt target by the early 2030s. The scale adds to the global scramble for AI infrastructure and could create sizable demand for data center capacity, power and chips. Oracle, which is both a managing investor and the primary cloud provider, remains the likely anchor beneficiary, though sourcing from other providers is possible. Localized retraining of the recommendation algorithm on U.S. data and a planned B2B AI product point to rising inference and training needs. Sources are anonymous and the spokesperson only affirmed Oracle's primary role, so the size and timing of any deals remain unconfirmed.

SpaceX is rapidly becoming a major AI infrastructure and cloud-hosting player, monetizing the Colossus data centers it absorbed via its xAI merger through multibillion-dollar compute-leasing deals with Anthropic, Google, and now a mystery customer. This diversifies SpaceX's revenue base well beyond launch and Starlink, positioning it as a new entrant in the hyperscale compute market competing for the same GPU capacity as OpenAI, Meta, and traditional cloud providers. The scale of recurring compute revenue ($1.11B/month, on top of $1.25B from Anthropic and $920M from Google) suggests SpaceX could become a structurally important supplier in the AI compute bottleneck, while its heavy capex ($16B/quarter) signals continued aggressive infrastructure investment. Longer term, Musk's plan to move data centers into orbit could reshape how the industry addresses power and siting constraints if the technology proves viable. Investors should watch whether SpaceX's private valuation and IPO prospects are increasingly tied to AI infrastructure economics rather than pure space launch and satellite businesses.