The Anthropic IPO Could Make These 5 AI Stocks Unexpected Winners

Anthropic filed confidentially for a U.S. initial public offering (IPO) on June 1, 2026, days after closing a $65 billion Series H financing round that valued the company at nearly $1 trillion. The maker of Claude is officially coming to public markets, and Wall Street's initial beneficiary list starts with Amazon and Alphabet, both of which hold substantial equity stakes.

But the more interesting question isn't who holds Anthropic equity. It's who holds Anthropic's infrastructure contracts. Claude isn't a software business, it's a compute business. And the companies building the machines Claude runs on could be the quieter beneficiaries of this IPO moment.

Image source: Getty Images.

Why the IPO changes the calculus

When Anthropic goes public near a $1 trillion valuation, it will need to show investors a credible path to supporting that number. That means building more capacity, faster. Anthropic has already committed to spending more than $100 billion with Amazon Web Services over the next decade, securing up to 5 gigawatts of compute capacity. Separate agreements with Google lock in another 5 gigawatts. That is 10 gigawatts of contracted artificial intelligence (AI) compute demand from a single company -- before the IPO even happens.

Here are five companies that are positioned to benefit from the infrastructure build-out that follows.

1. Celestica

Celestica (NYSE: CLS) is the company that integrates GPUs, custom silicon, and networking gear into finished, tested racks that hyperscalers actually deploy. As of April 2026, the company has made its DS6000-series 1.6 terabit Ethernet switches -- hardware designed to handle the cluster density that Anthropic's training runs demand -- available to order. In March 2026, Celestica also announced a strategic collaboration with AMD to bring the open-standards Helios rack-scale AI platform to market. When Anthropic builds out capacity, someone has to assemble and deliver the racks. Celestica does that for some of the largest hyperscalers.

2. Credo Technology Group

Credo Technology (NASDAQ: CRDO) supplies the Active Electrical Cables connecting GPUs inside AI clusters. Anthropic's $100 billion AWS compute commitment will translate into physical servers that need Credo's cables. The company's three confirmed hyperscaler customers all have direct Anthropic relationships. The connection is indirect, but structurally real.

3. Astera Labs

Astera Labs (NASDAQ: ALAB) designs the semiconductor connectivity silicon that lives inside the AI rack -- PCIe retimers, CXL memory controllers, and Ethernet fabric switches. In May 2026, the company launched the Scorpio X-Series 320 Lane AI Fabric Switch, the largest open memory-semantic fabric switch available, now shipping to leading cloud customers. Astera's technology manages signal integrity between chips inside a cluster, making it a critical layer in the infrastructure Anthropic needs at scale.

4. Coherent

Coherent (NYSE: COHR) provides the optical transceivers that connect servers across a data center. Nvidia invested $2 billion in Coherent in March 2026 and signed a multibillion-dollar purchase commitment for optical networking and laser products. As Anthropic's clusters grow, optical demand grows with them. Coherent's data center and communications segment posted $1.36 billion in revenue for the third quarter of fiscal 2026.

5. Marvell Technology

Anthropic's compute expansion depends heavily on Amazon's Trainium custom AI accelerators. Marvell Technology (NASDAQ: MRVL) is one of the primary architects of custom silicon for hyperscalers, with 18 confirmed XPU sockets in its pipeline. When Amazon scales Trainium to honor its Anthropic commitments, Marvell's design wins convert to revenue.

At Computex on June 2, Nvidia CEO Jensen Huang said that Marvell Technology is a potential trillion-dollar company. Investors responded enthusiastically, sending Marvell shares soaring 33% in a single trading session, the largest one-day gain in the company's history. The rally added approximately $56 billion to Marvell's market capitalization, lifting its total value above $250 billion.

The risk across this theme is real. Anthropic's IPO could be delayed or scaled back, slowing the pace of infrastructure commitments. And with capital spending on AI at record highs, there's a genuine question about how much of this build-out is already priced into each of these stocks. None of these are hidden gems in the traditional sense, but they are structurally tied to a demand driver that just became very public.

Micah Zimmerman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Amazon, Celestica, Coherent, Marvell Technology, and Nvidia. The Motley Fool recommends Astera Labs. The Motley Fool has a disclosure policy.