Anthropic discloses up to $120.5 billion in SpaceX compute spending through 2029 - Blockspace
Anthropic could pay SpaceX (NASDAQ: SPCX) up to $120.5 billion for computing power through 2029, according to its S-1 filing. Reuters reported in September that Anthropic's confidential document for potential investors listed the amount as $84.5 billion.
Anthropic's monthly payments would rise to about $3.1 billion once SpaceX delivers all the computing capacity covered by their contracts. Anthropic expects this to happen in December 2026. The company plans to list its shares on Nasdaq under the ticker ANT.
The $120.5 billion figure is the maximum amount Anthropic could pay. The contracts' initial terms end in January and March 2027. After those dates, either Anthropic or SpaceX can end the agreements by giving 90 days' notice.
SpaceX's own May S-1 filing said Anthropic had agreed to pay $1.25 billion per month through May 2029. The company would pay a lower fee while computing capacity was being increased in May and June. That filing also allowed either side to end the agreement with 90 days' notice. The partnership began when Anthropic took over all of Colossus 1, a computing facility with more than 300 megawatts (MW) of power capacity and over 220,000 Nvidia GPUs. The partnership later expanded to include Colossus II.
What this means for SpaceX
If Anthropic pays $3.1 billion per month, it would bring SpaceX about $9.3 billion every three months. SpaceX reported total revenue of $14.575 billion in the third quarter. Its Super Intelligence business brought in $7.56 billion, an increase of 195% from the previous quarter. This growth came as cloud service agreements began operating, alongside SpaceX's purchase of Cursor and greater use of Grok.
During SpaceX's October 20 earnings call, CFO Bret Johnsen said the company was still on track to reach an annual revenue rate of $100 billion by the end of the year, based on December revenue. He said revenue in the first quarter of 2027 was expected to be between $33 billion and $37 billion. A full payment of $3.1 billion in December would equal about 37% of that annual revenue rate.
"What we are seeing in the market is extraordinary. At current pricing, new compute deployments are generating a payback of less than a year," Johnsen said.
SpaceX has not fixed its prices for long-term computing contracts. CEO Elon Musk said the company rents out computing power at prices that closely follow current market rates. "As a rough approximation, our goal is to split it 50/50, more or less, where half of the compute is used internally and half of it is rented to others," he said.
What financial analysts expect
Morgan Stanley gave SpaceX an Overweight rating and set a $300 price target. It valued its Enterprise AI business at $165 per share after applying a 50% discount to account for the risk of problems with carrying out its plans. Last week, Mizuho also repeated its Outperform rating for SpaceX and its $205 price target. Mizuho noted that new computing contracts were being signed at prices above $50 per watt.
For Anthropic, a monthly bill of $3.1 billion would be more than twice the $8.945 billion it spent on all computing power and infrastructure during the first half of 2026. Anthropic's revenue during that period was $16.286 billion. As of June 30, the company had $131.651 billion in cash, cash equivalents and short-term investments.
