In verse 12a Jehovah says, "Therefore I will divide to Him a portion with the great, / And He will divide the spoil with the strong." Here we have two parties—God and Christ. Because of Christ's vicarious death and reproductive resurrection and because He has decided to accept the believers and bear their iniquities, God will divide to Him a portion with the great, and Christ Himself will divide the spoil with the strong. Who is the great, and who is the strong? The word great here refers to God, and the word strong also refers to God. This indicates that God will divide to Christ a portion with God as the great One and that Christ will divide the spoil with God as the strong One. Hence, Christ and God, who is the great One and the strong One, divide the spoil.
The word spoil indicates that there has been a war. Christ fought the battle, gained the victory, and took the spoil from Satan. The entire New Jerusalem will be a spoil captured by Christ from the hand of Satan. On the one hand, the New Jerusalem will be a great pleasure, a great enjoyment, shared by God and Christ. On the other hand, the New Jerusalem will be a spoil captured by Christ from Satan.
Isaiah 54 reveals Christ's dynamic redemption through His vicarious death and reproductive resurrection in relation to His being the covenant for Israel's security.
Verses 1 through 3 speak of Christ's being the covenant for the multiplication and spreading of Israel.
Verses 4 through 8 speak of Jehovah's returning to Israel and gathering them back.