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

According to Bloomberg, citing a person familiar with the matter, AI company Anthropic PBC is currently SpaceX's largest single customer, contributing more than one-third of SpaceX's revenue in the third quarter of this year. The news means that the company, which started out in rockets and satellites, now relies more heavily on a single AI computing customer than on the U.S. federal government.

SpaceX disclosed in a filing last week that about 34.5% of its third-quarter revenue came from a single customer of its AI division (now renamed Super Intelligence), which was identified in the filing only as "Customer B."

The person familiar with the matter confirmed that "Customer B" is Anthropic, but declined to be named, citing the private nature of the information. This exposure has raised market concerns about the stability of SpaceX's revenue—Anthropic could exercise its contractual exit right as early as next year.

SpaceX closed down 0.92% on Thursday. As of press time, it had fallen a further 1.7% in after-hours trading.

Anthropic's payments to SpaceX stem from a contract signed by the two parties earlier this year, under which Anthropic will use computing resources at SpaceX's data center in Memphis, Tennessee.

Musk is gradually building SpaceX's AI business into a so-called "neocloud" model, renting out data center computing power to customers such as Anthropic and Alphabet's Google.

This bet began to pay off this quarter: SpaceX's AI business achieved its first profit, supporting Musk's stated goal of "achieving $100 billion in annualized revenue by the end of 2026."

However, the strong performance of the AI computing business has also made SpaceX highly dependent on a single customer, and this comes precisely as Wall Street's confidence in the neocloud industry is cooling.

Huge contract, but exit clauses sow hidden risks

According to Anthropic's IPO disclosure documents, the company has committed to paying SpaceX up to $120.5 billion over the contract period (through 2029), equivalent to about $3.1 billion per month starting this December.

However, the contract contains clear exit windows: Anthropic may terminate the contract with 90 days' notice after January 2027 and March 2027, respectively.

In addition, Anthropic has agreements with other neocloud suppliers such as Nscale and Lambda, further highlighting its intention to maintain a diversified computing supplier strategy and meaning that SpaceX is not its only option.

Musk warns of neocloud shakeout but insists SpaceX is differentiated

Just as the neocloud industry comes under pressure, Musk has been speaking frequently in recent weeks on his social platform X—which now belongs to SpaceX. He commented on the situation of CoreWeave's high-yield bonds and stressed what sets SpaceX apart from other neocloud competitors.

"The debt market has essentially closed financing channels to any company lacking substantial revenue outside of AI data centers," Musk said, noting that SpaceX also has Starlink and rocket launch businesses as revenue pillars.

"This means more than 200 neoclouds will face a fry-level wave of death and consolidation. Some will survive, but not many."

Government contract status wanes, NASA share may fall below 5%

Anthropic's revenue share surpassing that of the U.S. federal government reflects the profound transformation SpaceX has undergone in less than a year. Since SpaceX acquired Musk's AI company xAI, this rocket company that once long relied on NASA and U.S. Department of Defense contracts is rapidly moving closer to becoming an AI computing service provider.

According to SpaceX filings, only two customers accounted for more than 10% of total revenue in the third quarter.

Besides Anthropic, another customer (possibly combined payments from multiple government agencies) accounted for only 16.6% of revenue in the third quarter, compared with about one-fifth in 2025.

Musk also predicted that NASA, once one of SpaceX's most important partners, will account for less than 5% of the company's revenue in 2026. Risk disclosure and disclaimer

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