BNP Paribas analyst Stefan Slowinski said recent SpaceX disclosures around AI infrastructure spending reinforce bullish expectations for Microsoft Corp. (NASDAQ:MSFT) and Oracle Corp. (NYSE:ORCL) as demand for high-end AI computing capacity remains tight.

SpaceX Filing Highlights Strong AI Monetization Trends

Slowinski said SpaceX's S-1 filing revealed that Anthropic committed roughly $1.25 billion per month, or about $15 billion annually, for access to the Colossus 1 and Colossus 2 data center campuses.

He said the disclosures suggest AI compute supply remains constrained, supporting higher GPU rental pricing and potentially strengthening monetization opportunities for Microsoft and Oracle in future AI infrastructure contracts and renewals.

Analyst Sees Revenue Potential Exceeding Prior Expectations

BNP Paribas estimated Anthropic may be leasing only 600–700 megawatts of capacity despite the $15 billion annual commitment.

Based on various leasing assumptions, Slowinski estimated the agreement could imply annual revenue per gigawatt of roughly $15 billion to $24 billion, exceeding both BNP Paribas' prior expectations and Oracle's previously discussed $10 billion-per-gigawatt framework.

Microsoft And Oracle Viewed As Key Beneficiaries

Slowinski maintained positive ratings on both companies, assigning Microsoft a $555 price forecast, implying 32% upside from its May 20 price of $421.10, and Oracle a $208 forecast, implying 11% upside from $188.20.

He said the disclosures provide another positive near-term signal for AI infrastructure providers, as hyperscalers and AI companies continue to compete for scarce compute capacity.

Price Action: Microsoft shares were down 0.59% at $418.58 and Oracle shares were up 1.96% at $191.84 at the time of publication on Thursday, according to Benzinga Pro data.

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