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SpaceX has locked in roughly $26 billion in annual AI compute revenue ahead of its June 12, 2026 IPO: 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 [4]; Google pays $920 million per month for 110,000 Nvidia GPUs at xAI data centers from October 2026 through June 2029, totaling ~$30 billion [5][6]. The $75 billion IPO offering is reported to be approximately 2x oversubscribed with ~$150 billion in investor demand [9]. Both deals position SpaceX as a dominant third-party AI compute supplier — a role enabled by its February 2026 acquisition of xAI and the Colossus 1 cluster [1]. Google is simultaneously a SpaceX shareholder and a major compute customer [8], creating a circular financial arrangement that governance critics argue presents unacknowledged risk for both Anthropic and Google.

The SpaceX IPO is the first public market test of whether multi-year AI compute contracts can sustain a ~$2 trillion valuation, setting a pricing benchmark for AI infrastructure broadly. The two deals also concentrate a significant share of frontier AI compute at a single Musk-controlled supplier, a dependency that neither Anthropic nor Google has publicly characterized as a risk 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 [1]. Anthropic agreed to lease the full cluster for $1.25 billion per month [2][3]; Bloomberg subsequently reported the total contract value at approximately $45 billion [4], 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 [5][6]. Together, the two contracts commit roughly $2.17 billion per month to a single Musk-controlled entity [7], and Google's role is doubly notable: it is both a SpaceX shareholder and its largest compute customer [8].

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 [9]. 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 [10]. The GPU count for Colossus 1 has not been definitively settled: earlier reporting cited 220,000 GPUs [2], while an IPO-period account put the figure at approximately 325,000 [11].

The deals have drawn competing assessments. Bullish observers argue SpaceX has entered the AI infrastructure market with commodity-like leverage; the implied ~$8,400 per GPU per month rate in the Google deal, in their reading, reprices the entire IPO story [12][13]. 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 [14][15]. 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 [16].

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 [17][8]. Both Anthropic and SpaceX are separately preparing public offerings — Anthropic filed a confidential S-1 in early June 2026 [18] — requiring each to disclose the financial and competitive risks of their interdependence. 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 [19][20].