SpaceX IPO filing shows billions in AI losses, a $2 trillion valuation target, and turbine spending that signals more data center conflicts ahead
Source published ·Modelwire updated
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The development
SpaceX's IPO filing discloses a large compute supply agreement with Anthropic alongside substantial AI infrastructure commitments. Anthropic agreed to pay SpaceX $1.25 billion per month through May 2029, with reduced fees during the initial capacity ramp and a 90-day termination provision. The source report describes a valuation target of up to $2 trillion, rather than a completed valuation. The filing also describes dependence on natural-gas power and regulatory risks around the turbines supporting its data centers.
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The turbine disclosures connect the compute business to power-generation and permitting risks. Owning generation assets does not remove fuel-supply constraints or legal exposure; the filing warns that loss of permits or injunctive relief could affect data-center operations.
The direction of payment is important: Anthropic is the customer paying SpaceX for compute, so the agreement cannot be counted as a contribution to Anthropic's revenue. It links SpaceX's capacity monetization to another AI developer's infrastructure spending, while leaving each company's profitability dependent on its other costs and revenues.
Watch subsequent disclosures for the capacity ramp, realized compute revenue, and any changes to the agreement or turbine permits. A stated monthly fee is not a guarantee of revenue through 2029 when either party can terminate on 90 days' notice.
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MentionsSpaceX · xAI · Anthropic · Elon Musk
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