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SpaceX has secured roughly $26 billion in annual AI compute revenue from two deals: Anthropic pays $1.25 billion per month for the Colossus 1 supercluster, with Bloomberg reporting a total contract value of approximately $45 billion implying a roughly three-year term [3]; Google pays $920 million per month for 110,000 Nvidia GPUs at xAI data centers from October 2026 through June 2029, totaling ~$30 billion [4][5]. Both deals were disclosed ahead of SpaceX's June 12, 2026 IPO, reported to be 2x oversubscribed with ~$150 billion in demand for a $75 billion offering [7]. The GPU count for Colossus 1 is contested: earlier reports cited 220,000 GPUs [1] while an IPO-period account put the figure at ~325,000 [9].

The SpaceX IPO is the market's first test of whether multi-year AI compute contracts can support a ~$2 trillion public-company valuation, setting a pricing benchmark for AI infrastructure broadly. The concentrated dependence of two major AI labs on a single Musk-controlled supplier also creates governance and competitive risk that neither Anthropic nor Google has publicly acknowledged in filings.

SpaceX acquired xAI in February 2026, gaining ownership of the Colossus 1 supercluster in Memphis and immediately positioning it as a third-party AI compute supplier. Anthropic agreed to lease the full cluster for $1.25 billion per month [1][2]; Bloomberg subsequently reported the total contract value at approximately $45 billion [3], implying a roughly three-year term. In early June 2026, Google disclosed through SEC filings that it agreed to pay $920 million per month for 110,000 Nvidia GPUs at xAI data centers, running from October 2026 through June 2029 and totaling approximately $30 billion [4][5]. Together, the two contracts commit roughly $2.17 billion per month to a single Musk-controlled entity [6].

Both deals surfaced in the weeks surrounding SpaceX's planned June 12, 2026 IPO. As of June 6, the $75 billion offering is reported to be approximately 2x oversubscribed with around $150 billion in investor demand [7]. SpaceX's own filings frame its AI business as targeting a $23 trillion market, and Morgan Stanley has projected SpaceX revenue could reach $3.4 trillion by 2040, with xAI's compute rental business as the primary long-run growth driver [8]. The GPU count for Colossus 1 has not been definitively settled: earlier reporting cited 220,000 GPUs [1], while an IPO-period social media account put the figure at approximately 325,000 [9].

The deals and IPO have drawn competing assessments. Bullish observers argue SpaceX has entered the AI infrastructure market with commodity-like leverage, and the implied ~$8,400 per GPU per month rate in the Google deal reprices the entire IPO story [10][11]. Skeptics, including ProfG and investor Pierre Rochard, argue the ~$2 trillion implied valuation is not justifiable against current revenue multiples, noting that space and telecom historically drove nearly all of SpaceX's actual revenue [12][13]. Infrastructure critics add that renting Colossus 1 to outside customers signals xAI failed to generate sufficient internal AI demand; one commentator noted that xAI has already migrated to a newer cluster, leaving Colossus 1 available for lease [14]. Grok and xAI counter that Google's need for third-party GPUs reflects Gemini Enterprise demand outrunning internal build-out, framing the rental model as demand-driven rather than a sign of xAI weakness [15].

A structural feature of the arrangement is the circular capital flow: Google is a major investor in Anthropic, Anthropic pays SpaceX roughly $15 billion per year for compute, and Google now also pays SpaceX $920 million per month directly [16]. Both Anthropic and SpaceX are separately preparing public offerings — Anthropic filed a confidential S-1 in early June 2026 [17] — requiring each to disclose the financial and competitive risks of their interdependence in public filings. Governance critics argue that multi-year, multi-billion-dollar AI compute dependency on a Musk-controlled entity creates strategic and political exposure that neither company has yet publicly acknowledged [18][19].