What happened
SpaceX disclosed that about 34.5% of last quarter's revenue came from one client, identified only as "Customer B" — a person familiar says that client is Anthropic, paying SpaceX's AI unit Super Intelligence for computing power.
Why it matters
Anthropic's payments have overtaken those from the U.S. federal government, previously SpaceX's biggest customer, leaving SpaceX exposed to a client that can exit the deal as soon as next year, the person said.
WHO IT HITSSpaceX's revenue base now leans heavily on a single AI customer that can walk away as soon as next year, a concentration risk for anyone tracking the company's finances or its AI computing business.
Summaries like this, every morning.
The disclosure puts a number on how much SpaceX's AI computing business has come to depend on one buyer. In a filing last week, SpaceX said roughly 34.5% of last quarter's revenue came from a single client paying its AI division, now called Super Intelligence, which supplies computing power. That client, listed only as "Customer B," is Anthropic, according to a person familiar with the matter who declined to be identified because the details are private.
The shift in customer mix is the notable part. Revenue from Anthropic has surpassed payments from the U.S. federal government, which had been SpaceX's biggest single customer. That makes an AI lab — rather than a government buyer — the anchor of SpaceX's largest revenue stream.
The concentration comes with a caveat the person raised: the contract gives Anthropic the ability to exit the deal as soon as next year, so the share of revenue tied to it may not be durable.
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