Days before its planned initial public offering (IPO), SpaceX signed multi-year supply agreements with major cloud and AI companies that reserve large quantities of Nvidia accelerators. According to disclosed figures, the two separate deals together exceed $70 billion in value.
What the agreements specify
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Google agreed to pay $920 million per month from October 2026 through June 2029 for roughly 110,000 Nvidia GPUs and related hardware. This monthly payment, stretched over the stated term, represents a substantial committed payment stream on paper.
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Anthropic took the full capacity of SpaceX's Colossus 1 site in Memphis, which the disclosed data indicates involves more than 220,000 Nvidia processors.
Combined, the two agreements amount to roughly $26 billion per year and more than $70 billion in total contract value, figures that significantly exceed SpaceX's revenue in the last reported year.
Timing and contractual flexibility
The deals were signed in the days immediately before SpaceX's IPO filing, an arrangement that can bolster the prospectus and investor presentations. However, the contracts include notable exit and delivery conditions: Google may walk away if the GPUs are not delivered by September 30, 2026, and either party can exit the agreements after December 2026. Those clauses limit the degree to which the contracts represent immediate, unconditional cash commitments.
Why this matters
That an aerospace company is marketing GPU capacity to large cloud and AI customers highlights how tight the market for large-scale AI compute has become: organizations are securing capacity at scale. At the same time, the contract terms show these arrangements also serve a financial narrative ahead of a major fundraising event, rather than representing fully locked-in, irrevocable revenue.
Financial context
SpaceX is targeting a $75 billion raise in the planned IPO. The headline numbers from the Google and Anthropic agreements provide substantive support for that fundraising story, but the stated delivery deadlines and exit rights suggest investors should consider the conditional nature of the commitments.
