Anthropic Reportedly Becomes SpaceX's Largest Customer, Contributing Over One-Third of Q3 Revenue

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SpaceX's "mysterious big customer" revealed? Anthropic reportedly contributed over one-third of revenue in Q3!

Cailian Press Huang Junzhi, Editor Lin Qi 2026-10-30 13:07

① According to people familiar with the matter, Anthropic has become SpaceX's largest customer, contributing more than one-third of revenue in the third quarter; ② Musk is gradually building SpaceX's AI business into a so-called new type of computing cloud, renting out data center computing resources to customers such as Anthropic and Google.

Cailian Press, October 30 (Editor Huang Junzhi) According to media reports citing people familiar with the matter, as the artificial intelligence (AI) computing business expands, Anthropic has become SpaceX's largest customer, contributing more than one-third of the revenue of the company led by Elon Musk in the third quarter.

It is reported that SpaceX disclosed in a regulatory filing last week that about 34.5% of last quarter's revenue came from a customer that paid fees to its AI business unit "Super Intelligence" (responsible for providing computing power). The filing labeled the customer only as "Customer B" and did not disclose which company it was.

According to people familiar with the matter, this mysterious customer is Anthropic. This AI developer has surpassed the U.S. government to become SpaceX's largest source of revenue. Musk is gradually building SpaceX's AI business into a so-called new type of computing cloud, renting out data center computing resources to customers such as Anthropic and Google.

It is understood that the specific business cooperation between the two companies is mainly: Anthropic leases computing resources from SpaceX's data center in Memphis, Tennessee. Its IPO prospectus filing shows that the contract signed by the two parties is valid until 2029, with a potential spending cap of $120.5 billion. Starting in December this year, Anthropic will pay up to about $3.1 billion per month.

However, it should be noted that Anthropic can cancel the contract with 90 days' notice after specific dates in January and March 2027.

The above regulatory filing also shows that SpaceX's second-largest customer contributed 16.6% of revenue in the third quarter, compared with about 20% in 2025. Musk predicts that NASA, as SpaceX's main customer, will contribute less than 5% of revenue this year.

As SpaceX increasingly relies on AI infrastructure contracts to drive growth, such "dependence" on Anthropic increases investor risk. If Anthropic terminates the agreement next year, this could jeopardize a considerable amount of SpaceX revenue, at a time when financing conditions for companies leasing computing power are becoming increasingly tight.

Last week, SpaceX reported that third-quarter revenue grew 161%, exceeding Wall Street expectations and achieving its first profit. Among them, the super intelligence business also became the company's largest source of revenue for the first time: quarterly revenue reached $7.560 billion, an increase of 830% from $813 million in the same period last year, and an increase of 195% from $2.561 billion in the second quarter, accounting for about 52% of the company's total revenue.

Among them, super intelligence solutions and infrastructure revenue reached $7.022 billion, a substantial increase from $359 million in the same period last year, mainly due to the launch of new cloud service agreements, the acquisition of AI programming company Cursor, and the expanded application of the Grok model in enterprise and consumer markets.

The disclosure comes as investors are increasingly skeptical of debt-laden AI infrastructure providers (including CoreWeave). Musk argues that SpaceX's satellite broadband and rocket launch businesses provide revenue diversification that many competitors cannot achieve.

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Cailian Press Statement: The content of this article is for reference only and does not constitute investment advice. Investors who act on it do so at their own risk.

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