Anthropic to pay SpaceX about $3.1 billion a month for compute capacity

Anthropic has disclosed the terms of its compute agreements with SpaceX in the S-1 it filed with the U.S. Securities and Exchange Commission (SEC) on October 26. Once all contracted capacity is delivered, Anthropic will pay SpaceX about $3.1 billion a month for compute capacity powered by Nvidia GPUs.

Terms of the agreements

The S-1 lists agreements signed or updated between May and October 2026. They allow for up to $120.5 billion in compute spending through 2029. That figure is a maximum. All capacity is expected to be in place in December, and payments are lower while capacity is being added.

The initial periods end in January and March 2027. After that, either Anthropic or SpaceX can terminate on 90 days' notice, according to Yahoo Finance's Blockspace and TipRanks.

SpaceX's own May S-1 had put the fee at $1.25 billion a month. Evercore ISI analyst Kutgun Maral noted that the new monthly amount is nearly 2.5 times the original rate.

SpaceX's financing

On October 26 SpaceX also announced a binding commitment to enter into an approximately $40 billion master finance lease for GPUs and related equipment with an entity managed by Apollo Global Management. The lease will deliver Nvidia's next-generation Vera Rubin chips for SpaceX's terrestrial compute buildout, and SpaceX called it the largest GPU financing ever. The announcement does not tie the lease to the Anthropic agreements.

Share of revenue

SpaceX reported third-quarter revenue of $14.575 billion for the quarter ended September 30, up 161% from a year earlier. Its Super Intelligence segment contributed $7.56 billion.

SpaceX's quarterly filing says one customer, labelled "Customer B," accounted for 34.5% of revenue. Bloomberg reported on October 29, citing an unnamed person familiar with the matter, that the customer is Anthropic; the filing itself does not name Anthropic. Applying 34.5% to $14.575 billion gives just over $5 billion (an editorial calculation).

Forbes reported that $3.1 billion a month would equal roughly 25% of SpaceX's projected first-quarter 2027 revenue. SpaceX CFO Bret Johnsen guided first-quarter 2027 revenue to $33–37 billion.

Evercore ISI flagged dependence on a single customer as a risk, but said it sees no immediate revenue risk because Anthropic is capacity-constrained and holds $131.7 billion in cash and other liquid assets.

Anthropic's other commitments

SpaceX is not Anthropic's largest disclosed partner. The S-1 lists agreements of $161.2 billion with Broadcom, $114.5 billion with Google, $110 billion with Amazon and $44.9 billion with Microsoft. Anthropic plans to list on Nasdaq under the ticker "ANT."

Methodology

Contract terms come from Yahoo Finance, Forbes and TipRanks (Business Insider) reporting on Anthropic's S-1; the Apollo lease and third-quarter revenue come from SpaceX's own announcements. We could not open the S-1 directly on the SEC website. The $120.5 billion figure is a ceiling; actual payments depend on capacity delivery and contract terms. The "just over $5 billion" figure is an editorial calculation from 34.5% and $14.575 billion, and the identification of "Customer B" as Anthropic rests on a single Bloomberg source. Contract values and terms differ across the agreements charted above, so compare them with care.