To The Moon

$SpaceX(SPCX)$ 🚀 is known for rockets, Starlink and the ambition to reach Mars.

But the part of the business catching my attention right now is much closer to Earth:

AI compute.

Anthropic’s IPO filing has revealed that its agreements with SpaceX could be worth as much as $84.5 billion through 2029, for access to Nvidia-based computing capacity. That is almost double the roughly $45 billion figure previously disclosed by SpaceX. 

The important word here is “could.”

These agreements can generally be cancelled with 90 days’ notice, so I wouldn’t treat the full $84.5 billion as guaranteed revenue.

But the size of the potential commitment still says something important.

AI companies are desperate for compute.

Anthropic expects to spend at least $518 billion over the next decade across six infrastructure partners, highlighting just how capital-intensive the AI race is becoming. 

And SpaceX is positioning itself as more than a rocket company.

Its Colossus data centres are already being used to provide Nvidia-powered compute to outside customers such as Anthropic.

That creates a completely different potential revenue stream.

The fascinating part is that SpaceX doesn’t necessarily need to win the AI model race itself to benefit from the growth in AI.

It can potentially make money from the infrastructure required by companies competing in that race.

That’s a very different business model.

It also makes me look at the SpaceX story differently.

The traditional SpaceX narrative is rockets → Starlink → satellite connectivity → Mars.

The newer narrative increasingly looks like:

rockets + satellites + connectivity + AI infrastructure.

And if demand for compute continues to grow, infrastructure could become a much bigger part of the story.

There are obviously risks.

Building enormous amounts of compute requires huge amounts of capital, electricity and hardware.

AI companies also have to prove that the revenue generated by their models can eventually justify these enormous infrastructure commitments.

And because the Anthropic agreement can be cancelled, the headline $84.5 billion shouldn’t be confused with locked-in revenue.

Still, I think the disclosure is worth watching.

The AI race isn’t only about who builds the smartest model.

It is increasingly about who has access to enough compute to build it.

And that could make SpaceX’s AI infrastructure ambitions one of the more interesting parts of its future story.

🚀 SPCX is one I’ll be watching closely.

Not financial advice. Just sharing a market angle I find interesting.