34.5% of SpaceX's Q3 Revenue Came from Anthropic Compute Contract

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According to people familiar with the matter, Anthropic PBC is SpaceX's single largest customer, contributing more than one-third of revenue in the third quarter of this year to Elon Musk's company, which operates businesses spanning artificial intelligence, satellites and rockets.

SpaceX said in a filing last week that about 34.5% of its revenue last quarter came from a customer that pays its AI business unit, which has been renamed Super Intelligence and provides computing power services externally. The filing labeled the customer only as "Customer B"; people familiar with the matter said it is Anthropic, and the details are confidential; the person requested anonymity.

Revenue from Anthropic has surpassed that from the U.S. federal government, which had previously been SpaceX's largest single customer; this also means SpaceX's business carries customer concentration risk, and the contract could be terminated by the other party as early as next year.

The revenue stems from a computing power cooperation agreement Anthropic reached with SpaceX earlier this year; Anthropic uses computing power from SpaceX's data center in Memphis, Tennessee. Musk is gradually building SpaceX's AI business into a so-called neocloud, renting data center computing resources to customers such as Anthropic and Google.

The bet has proven lucrative this quarter: the AI business segment became profitable for the first time, and it also helps Musk meet his goal of achieving $100 billion in annualized revenue by the end of 2026. But Wall Street is now turning pessimistic on the neocloud model, and SpaceX has thus found itself dependent on a single customer.

According to the AI lab's IPO disclosure filing, the total value of the Anthropic-related contract could reach up to $120.5 billion, with the contract valid until 2029.

The filing shows that starting in December this year, Anthropic will pay about $3.1 billion per month. However, Anthropic may terminate the computing power contract by giving SpaceX 90 days' notice after January 2027 and March 2027, respectively.

The filing also mentions that Anthropic also has cooperation with other computing cloud service providers such as Nscale and Lambda.

SpaceX's revenue being highly dependent on AI computing power contracts reflects the dramatic transformation the rocket company has undergone in less than a year since it acquired Musk's AI company xAI. For much of SpaceX's history, cooperation with NASA and the Department of Defense was its most profitable business.

SpaceX's filing shows that in the third quarter, only two customers each contributed more than 10% of total revenue. The other customer (possibly multiple government agencies combined) accounted for 16.6% of third-quarter revenue, compared with about one-fifth of company revenue in 2025.

Musk also predicted that NASA, once one of SpaceX's most important partners, will account for less than 5% of its revenue in 2026. (neocloud: a new type of computing cloud, a service provider that specifically builds AI data centers and rents out GPU computing power externally) news_keyword_pub,usstock,GOOG iframe below main text iframe below main text General statement General statement QR code at end start QR code at end start

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