MICROSOFT / ORACLE CORPORATION : SpaceX S-1 Highlights GPU Tightness and AI Infra Monetization Trends

研报英文原文证据摘录

MICROSOFT / ORACLE CORPORATION : SpaceX S-1 Highlights GPU Tightness and AI Infra Monetization Trends

EQUITIES

SOFTWARE

MICROSOFT OUTPERFORMPRICE* USD421.1  TARGET PRICE USD555 (UPSIDE 32%)

ORACLE CORPORATION OUTPERFORMPRICE* USD188.2  TARGET PRICE USD208 (UPSIDE 11%)

FLASH NOTE

SpaceX S-1 Highlights GPU Tightness and AI Infra Monetization Trends

21 MAY 2026 Securities Research Report Production time: 07:27* (London time)

Research Analyst & Publishing Entities

Stefan Slowinski BNP Paribas London Branch (+44) 203 430 8549 stefan.slowinski@uk.bnpparibas.com

What happened?

SpaceX recently filed its S-1, providing investors a glimpse into current AI infrastructure monetization trends through its

disclosures for SpaceX’s Anthropic capacity agreement across the Colossus 1 and Colossus 2 campuses. In turn, we

outline our high-level takeaways below.

BNPP View:

We view the recent SpaceX S-1 disclosures around Anthropic’s $1.25bn per month (or $15bn annual) commitment for

access to Colossus 1 and Colossus 2 Datacenters as broadly positive for key AI infrastructure providers such as Oracle

and Microsoft. In our view, the disclosures reinforce that frontier AI compute supply remains exceptionally tight,

supporting materially higher GPU rental pricing and likely aiding Microsoft / Oracle’s own monetization for any

incremental AI infrastructure contracts (or renewals of existing contracts), such as those with OpenAI and potentially

Anthropic as well.

Moreover, we believe the disclosures serve as a useful real-time datapoint for how AI compute capacity is being

monetized today, with implied revenue per GW appearing to exceed our own expectations and Oracle’s $10bn /

GW framework outlined last year (which we discussed yesterday in our AI infrastructure IRR analysis for Oracle – see