Anthropic's leaked IPO prospectus describes AI as "limited principally by the availability of compute," a statement one Motley Fool analyst says strengthens the case for buying Nvidia. Nvidia's own growth forecast depends on the chip supply shortage persisting, and the company is on track to generate nearly $700 billion in 2028, according to Wall Street estimates.
Anthropic, the AI lab behind the Claude family of large language models, is preparing for one of the most anticipated initial public offerings of 2026, with some estimates valuing it at as much as $2 trillion. According to Reuters: "limited principally by the availability of compute" is how the company's leaked prospectus describes the current constraint on AI capability.
That statement points directly at Nvidia, the leading supplier of computing hardware to the AI industry. Anthropic isn't shy about its spending plans either, projecting $518 billion in costs over the next decade.
Anthropic says compute, not demand, is the bottleneck
Anthropic tells prospective investors it doesn't believe demand will be an issue going forward, only the supply of computing power. That bodes well for companies like Nvidia, which is already supplying a large share of the industry's compute.
Nvidia's own forecast calls for 70% growth during the next fiscal year, a target that depends on the industry remaining supply-constrained. Anthropic's prospectus language suggests that condition will persist for some time, continuing to push AI hyperscalers to pay high prices for computing units.
Nvidia's scale dwarfs the IPO math
Nvidia currently trades at $239.24 a share, up 0.14% with a market capitalization of $5.8 trillion. Its 52-week range runs from $164.27 to $243.37.
To illustrate the gap between the two companies, the Fool analyst ran a hypothetical: if one billion people paid a $50 monthly subscription for Anthropic's product, that would generate $600 billion in annual revenue. Wall Street analysts already expect Nvidia to generate nearly $700 billion in 2028 — more than that bullish hypothetical for Anthropic, without the IPO risk attached.
Source: Fool.com
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