SpaceX discloses $40 billion Anthropic compute deal in SEC filing
Regulatory documents reveal Anthropic will pay $1.25 billion monthly for xAI’s Colossus 1 data centre output, marking a significant pivot in how AI firms manage capital expenditure and server utilisation ahead of major market listings.
SpaceX has disclosed a landmark agreement in its initial public offering filing with the US Securities and Exchange Commission, revealing that Anthropic will pay xAI $1.25 billion per month for compute services. The deal secures the entire output of xAI’s Colossus 1 data centre near Memphis, Tennessee, and is valued at over $40 billion in total revenue for xAI. The contract is scheduled to run through May 2029, with a discounted rate applied for the first two months as xAI completes its operational ramp-up.
The terms of the agreement allow either party to terminate the contract with 90 days’ notice. In the filing, SpaceX stated that the arrangement allows the company to monetise unused compute capacity in its infrastructure. The company further indicated that it expects to enter into additional similar services contracts, suggesting a broader strategic intent beyond this single transaction.
This agreement underscores xAI’s adoption of a hybrid “neocloud” model, a rare stance in the artificial intelligence market. While most competitors either build data centres for internal use or exclusively for external clients, xAI is pursuing a dual strategy. SpaceX argues that this approach provides multiple pathways to generate returns on invested capital by offsetting infrastructure costs with external revenue streams when internal usage does not meet capacity.
The move comes amid shifting dynamics in the consumer AI landscape. According to a report by The Economist published on 20 May 2026, Google has overtaken OpenAI in consumer AI dominance. Concurrently, usage of Grok, xAI’s flagship AI assistant, has dropped significantly in recent months. This decline in internal demand has freed up server capacity, which xAI is now selling to one of its closest competitors, Anthropic.
The financial context for this deal is set against SpaceX’s broader financial performance. The company filed for its IPO with a valuation target of $1.75 trillion, having incurred a net loss of $4.9 billion in 2025 despite generating revenue exceeding $18 billion. Starlink remains the dominant revenue driver for the parent company, accounting for over half of total revenue. The disclosure of the Anthropic deal highlights the company’s efforts to monetise its substantial infrastructure investments ahead of its public market debut.
