Alphabet, Amazon, SpaceX, Microsoft, Broadcom, and AMD Are Counting on Anthropic’s IPO. Not All Their Contracts Are Equal. | The Motley Fool

Anthropic’s long-awaited initial public offering (IPO) could be a massive event for investors interested in the artificial intelligence (AI) space. But the biggest beneficiaries might not be the people buying shares of the developer of the Claude family of large language models.

Alphabet (GOOGL +1.34%) (GOOG +1.60%), Amazon (AMZN +0.59%), Microsoft (MSFT -0.06%), Space Exploration Technologies (SPCX -2.25%), Broadcom (AVGO +2.77%), and Advanced Micro Devices (AMD +3.25%) already have enormous financial relationships with Anthropic.

And Anthropic’s newly released IPO prospectus reveals something fascinating: These companies have agreements potentially worth hundreds of billions of dollars, but the terms of the various contracts are dramatically different. For investors trying to figure out which companies are actually making money from the AI infrastructure boom, those differences matter.

Alphabet and Amazon have the biggest cloud commitments

Anthropic’s S-1 filing reveals that it…