Anthropic to spend up to $120.5 billion on SpaceXAI compute

The filing fills a gap that had been left open even after reports of a billion-dollar-plus monthly compute contract between SpaceX and Anthropic. What the prospectus adds is duration and scale: an aggregate of up to $120.5 billion extending into 2029, plus a 90-day advance cancellation notice. For SpaceX, the contract supports its AI data center compute business, which CFO Bret Johnsen described on the Q3 earnings call as seeing extraordinary demand and payback of less than a year on new deployments at current pricing.

Johnsen also said pricing is tracking slightly above the high end of the 30 to $50 per watt range, and he has previously said he expects SpaceX to reach $100 billion in annual recurring revenue by year-end. CEO Elon Musk has set a far higher target of $500 billion to $1 trillion by the end of 2027, alongside a new $40 billion deal for Nvidia chips leased from Apollo Global. Musk's view of SpaceX's advantage over smaller neocloud providers rests on its credit rating and ancillary revenue from Starlink and launches, with debt markets seen as all but closed to those smaller players—an inference about competitive structure rather than a stated outcome.