SpaceX signed a large-scale computing resource rental contract with US AI startup Reflection last month, following earlier agreements with Anthropic and Google. The contracts generate combined monthly rental fees of $2.32 billion (approximately 3.2 trillion won) — $1.25 billion from Anthropic, $920 million from Google, and $150 million from Reflection — totaling $27.84 billion (approximately 38.4 trillion won) annually, according to Samsung Securities. US BigTech companies face mounting AI datacenter investment burdens due to surging memory prices, a factor contributing to recent semiconductor stock declines, while SpaceX's Memphis facility 'Colossus' — built with hundreds of thousands of NVIDIA GPUs — has become a revenue source exceeding the company's 2025 total revenue of $18.67 billion from Falcon rocket launches and Starlink services.
SpaceX Secures $2.32 Billion Monthly Revenue from Three AI Clients
SpaceX's computing resource rental business now serves three major clients. Anthropic pays $1.25 billion monthly (approximately 1.7 trillion won), Google pays $920 million monthly, and Reflection pays $150 million monthly. The combined monthly rental fees total $2.32 billion (approximately 3.2 trillion won). Annualized, this amounts to $27.84 billion (approximately 38.4 trillion won). This figure exceeds SpaceX's 2025 total annual revenue of $18.67 billion by approximately 1.5 times. The revenue from renting idle GPU computing power surpasses income from launching Falcon rockets and providing Starlink satellite internet services.
Revenue Recognition Begins July for Reflection Contract
Revenue recognition timelines vary by contract. The Anthropic contract will recognize revenue starting in July after a ramp-up period. The Google contract will recognize revenue starting in October. The Reflection contract will recognize the full $150 million monthly revenue starting in July. Based on these schedules, SpaceX is projected to generate at least $11.16 billion in actual revenue from computing rental business in 2026.
SpaceX Capital Expenditure Surged to $20.7 Billion in 2025
SpaceX's capital expenditure increased from $4.4 billion in 2023 to $20.7 billion in 2025, nearly a fivefold increase. In Q1 2026 alone, $10.1 billion in CapEx was executed. The company initially faced market concerns about pouring massive capital expenditure into acquiring hundreds of thousands of NVIDIA GPUs for the Memphis Colossus datacenter. Market observers described the investment as unsustainable. However, the situation has reversed as global BigTech companies and major AI startups now pay tens of trillions of won annually in computing rental fees.
Contracts Include 90-Day Termination Clauses with 2029 Expiration
Analysts and experts point to sustainability concerns regarding the rental contracts. Contract durations extend until 2029, providing revenue visibility of up to 3.5 years maximum. The revenue structure differs from Software-as-a-Service (SaaS) companies' perpetual and stable recurring subscription revenue (ARR). Additionally, contracts include a 90-day termination clause. Clients can terminate agreements without restrictions by providing 90-day advance notice. Risks could emerge if Google or Anthropic complete their own datacenter infrastructure construction or secure cheaper alternative servers.
Meta Considers Computing Resource Rental Business Model
Mark Zuckerberg stated in a recent interview that Meta is considering whether renting out a portion of its compute resources to external parties could be more valuable. Zuckerberg said, "Because the compensation offered by those wanting to use (Meta's) compute is very high, in some respects it may be reasonable to consider renting it out or considering such deals instead of using it ourselves." He added that the potential for cloud business "definitely exists if we want to pursue it at any time." SpaceX's business strategy has influenced Meta's thinking. The rental revenue generated from the ground-based 'GPU city' Colossus serves as a strong funding source for Elon Musk's plans to build AI datacenters in space and launch Starship.
FAQ
What computing resource rental contracts did SpaceX sign?
SpaceX signed computing resource rental contracts with three clients: Anthropic, Google, and Reflection. Anthropic pays $1.25 billion monthly, Google pays $920 million monthly, and Reflection pays $150 million monthly, totaling $2.32 billion per month or $27.84 billion annually.
When will SpaceX recognize revenue from these contracts?
The Anthropic contract will recognize revenue starting in July after a ramp-up period. The Google contract will recognize revenue starting in October. The Reflection contract will recognize the full $150 million monthly revenue starting in July. SpaceX is projected to generate at least $11.16 billion in computing rental revenue in 2026.
What concerns exist about SpaceX's computing rental contracts?
Contracts run until 2029, providing revenue visibility of up to 3.5 years maximum, and include 90-day termination clauses allowing clients to cancel with 90-day notice. Analysts note risks if Google or Anthropic complete their own datacenter infrastructure or find cheaper alternatives. SpaceX's capital expenditure increased from $4.4 billion in 2023 to $20.7 billion in 2025.
