Anthropic’s October 26 IPO filing is the centerpiece: the filing is treated as phase one of a pre-Thanksgiving debut, with a first trade targeted before Thanksgiving and possibly the week of November 16, while lockups are expected to start coming off in December and run into May. The filing’s buried contract list is framed as the real story, with about $650 billion of named deals, about $245 billion added since June 30, and customer demand described as outrunning compute. The market implication is that the biggest beneficiaries and the sharpest sell-the-news risks sit in the infrastructure names tied to those contracts: AKAM, AVGO, AMD, SPCX, ERC, and WLF, each with specific earnings, unlock, and timing catalysts. A sponsored PHOS pitch closes the video with a North American LFP supply-chain buildout aimed at batteries, data centers, robotics, mobility, and national security.
Anthropic filed to go public on October 26, with the IPO framed as phase one: amended filing with price range and share count is the first hard signal, then road show, then first trade targeted before Thanksgiving, possibly the week of November 16.
Anthropic’s filing buries its biggest compute contracts on page 171; the summed deals named there total about $650 billion, with about $245 billion of new and amended deals added since June 30.
Anthropic’s business mix is about 80% pay-per-use and 20% monthly cloud subscription; multi-year minimum spend is about $13.1 billion in the first half of this year and monthly cloud subscription is about $3.2 billion.
Anthropic revenue is given as about $386 million for all of 2024, $4.6 billion in 2025, and $16.3 billion in just the first six months of this year.
Anthropic is described as compute constrained, with customer demand exceeding available compute; Google, Amazon, and Microsoft are owed about $270 billion whether Anthropic uses the compute or not.
Google gets paid twice: at least $114.5 billion as a supplier, and it can own up to just under 15% of Anthropic; about $26 billion of the deals run on Nvidia chips through middlemen.
AKAM’s September deal is an $11.6 billion multi-year contract to run Anthropic compute, with room to grow by another $9 billion to about $20 billion total; a warrant keeps vesting as the relationship grows.
AKAM is said to have a market cap of about $14 billion, making the base deal about 80% of its value and the expanded deal bigger than the company; the stock went from about $118 the day before the announcement to about $114 two days later, then around $98.
AKAM has moved about 9% on average the day after earnings across its last 23 reports, with swings as large as +27% and -22%; the next report is expected around November 5, the first since the Anthropic deal.
AVGO is tied to Google’s TPU program: Anthropic signed 5-year leases for TPU hardware worth about $161 billion in payments, plus a facility to issue up to $42 billion in convertible notes to Broadcom or a financing partner.
AVGO is described as about a third below its June high; the same drawdown happened in 2022 and March 2025, then dipped another 9% to 15% before later making new highs 3 and 6 months out.
AMD signed a July agreement for Anthropic to buy Helios racks built around MI450 chips starting in 2027; the first order is expected to be worth more than $20 billion with room for about that much again.
AMD’s Anthropic contract cannot be canceled unless AMD breaches, and AMD agreed to buy up to $5 billion of Anthropic stock as chips are delivered.
SPCX’s SpaceX AI unit is said to be getting about $1.25 billion a month from Anthropic in May, rising to about $3.1 billion a month once everything is delivered in December; the deal is worth up to $120.5 billion through 2029.
SPCX is called the softest contract because after non-cancellable periods end in January and March 2027, either side can walk away with about 90 days’ notice; the setup is framed as Anthropic competing with Grok while renting computers from the company that owns Grok.
ERC announced a 470 megawatt equipment order from Anthropic in August, extending production commitments into 2028; backlog hit about $1.7 billion, up 10x in a year, against a market cap of roughly $1.9 billion.
ERC went public in June at $21.50 and has never traded above that; it is down about 60% from the IPO price, and the lockup is said to come around December 7, right after the Anthropic IPO window.
WLF announced a 20-year direct lease with Anthropic on July 6 for a purpose-built campus in Hosville, Kentucky of about 401 MW, with about $19 billion of contracted revenue over the initial term supported by investment-grade credit.
WLF’s Kentucky campus is not expected online until the second half of 2027 and not at full 401 MW until early 2028; the company sold 47.4 million new shares at $19 in April, about $900 million, and buyers are down about 37%.
WLF’s chart setup is framed around $10 to $10.50 support and $18 to $19 resistance; it ran from $5.46 to $8.71 on August 14, 2025, then to about $29 by June, and has since given back about 60% of that move.
WLF’s post-headline pattern is bearish: of six major headlines since August 2025, only the original Google-backed deal kept running, and after the other five the stock was lower a week later every time; the Anthropic lease itself was up about 5% on the day, down about 15% a month later, and down about 32% about three months later.
WLF is also framed as a repeated comeback stock: since 2023 it has fallen 48% to 76% five separate times, and each drop was followed by at least a 166% rally off the low; from the June peak it is down about 59%, implying rebound potential if history repeats.
The calendar stacks catalysts around the Anthropic window: Alphabet reports this Wednesday, EMD next Tuesday, AAMI around November 5, WLF on November 6, then December brings ERC lockup, more SPCX insider unlocks, and AVGO earnings.
PHOS is pitched as a sponsored North American LFP supply-chain play built around the Beij phosphate deposit, with phosphate concentrate -> phosphoric acid -> LFP cathode material, and claims on onshoring supply for energy storage, data centers, robotics, mobility, and national security.