Anthropic's recent IPO filing reveals significant commitments to rent computing power, with deals totaling up to $206 billion across providers including SpaceXAI, Nscale, and Lambda. However, the article clarifies that these figures represent rental contracts for existing or near-future capacity rather than direct chip orders, meaning Nvidia's actual revenue share is likely much smaller as rents cover infrastructure, power, and provider profits. The filing highlights a strategic shift where Anthropic is directing a substantial portion of its computing spend toward competitors like Google, Broadcom, Microsoft, and Amazon. While the SpaceXAI deal involves over 220,000 Nvidia GPUs, the non-cancelable commitments to rival chips are significantly larger, suggesting that Google's Tensor Processing Units (TPUs) and other architectures are winning a growing share of Anthropic's total computing budget. Nvidia's data center business continues to show robust growth with quarterly revenue exceeding $89 billion in Q2 fiscal 2027, adding roughly $13 billion per quarter. Despite this strong performance, the stock trades at approximately 14 times expected earnings for fiscal 2028, a valuation that arguably already assumes significant growth deceleration. The author concludes that while Nvidia's growth is diversified across multiple frontier labs, the Anthropic filing does not materially strengthen the case for buying the stock at current prices. The article notes that investors are not pricing in aggressive future growth given the current valuation metrics. While CEO Jensen Huang points to a shift from single-lab drivers to parallel scaling by multiple frontier labs, the specific details of Anthropic's spending distribution suggest that Nvidia faces increased competition for AI workload share without a corresponding immediate boost in revenue visibility from this specific filing.