The biggest computing-power deal in Anthropic’s prospectus isn’t with Musk—it’s with Broadcom.
On Monday (10/26) Eastern Time, Anthropic filed its S-1 with the SEC: revenue for the first half of the year was $16.286 billion, up from just $1.163 billion in the same period last year. But the money it has to pay going forward is the real story:
About $161.2 billion to Broadcom for a five-year lease of TPU equipment, non-cancellable except in the event of a breach
At least $114.5 billion to Google
Up to $120.5 billion to SpaceX’s AI subsidiary
At least $110 billion to Amazon
The terms of the SpaceX deal are the loosest: once the non-cancellable period ends in early 2027, either party can exit with 90 days’ notice.
On Binance perpetuals, AVGOUSDT is up about 4.9% over the past 48 hours, while SPCXUSDT is up just 0.8%. Over the past 24 hours, SPCX’s trading volume was about $900 million—more than 40 times AVGO’s—but the price hasn’t picked a direction. Broadcom also has other tailwinds, so its gains can’t all be attributed to the prospectus.
My take: the market is initially counting the “locked-in money” for Broadcom, while SpaceX’s $120.5 billion looks more like an option that can be torn up at any time.
Anthropic itself has no contract to trade, so to follow this theme, I’m watching just two perpetuals: $AVGO and $SPCX . When the US market opens tonight, can Broadcom’s spot price catch up with the perpetual’s earlier rise, and which way will SPCX’s heavy trading volume ultimately break? Perpetuals aren’t the stocks themselves; they can trade at a premium or discount when the market is closed, and they also have funding rates.
$ANTHROPIC is expected to release its S-1 prospectus today
On Monday (10/26) Eastern Time, Anthropic filed its S-1 with the SEC: revenue for the first half of the year was $16.286 billion, up from just $1.163 billion in the same period last year. But the money it has to pay going forward is the real story:
About $161.2 billion to Broadcom for a five-year lease of TPU equipment, non-cancellable except in the event of a breach
At least $114.5 billion to Google
Up to $120.5 billion to SpaceX’s AI subsidiary
At least $110 billion to Amazon
The terms of the SpaceX deal are the loosest: once the non-cancellable period ends in early 2027, either party can exit with 90 days’ notice.
On Binance perpetuals, AVGOUSDT is up about 4.9% over the past 48 hours, while SPCXUSDT is up just 0.8%. Over the past 24 hours, SPCX’s trading volume was about $900 million—more than 40 times AVGO’s—but the price hasn’t picked a direction. Broadcom also has other tailwinds, so its gains can’t all be attributed to the prospectus.
My take: the market is initially counting the “locked-in money” for Broadcom, while SpaceX’s $120.5 billion looks more like an option that can be torn up at any time.
Anthropic itself has no contract to trade, so to follow this theme, I’m watching just two perpetuals: $AVGO and $SPCX . When the US market opens tonight, can Broadcom’s spot price catch up with the perpetual’s earlier rise, and which way will SPCX’s heavy trading volume ultimately break? Perpetuals aren’t the stocks themselves; they can trade at a premium or discount when the market is closed, and they also have funding rates.
$ANTHROPIC is expected to release its S-1 prospectus today
