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Earlier this week, Anthropic told analysts it won’t extend its SpaceX compute deal past mid-2027.
The SpaceX books show one customer (widely reported to be Anthropic) made up 34.5% of SpaceX’s revenue last quarter.
That’s one big tenant.
Today’s Strategy Screenshot puts that in perspective.
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SpaceX was founded in 2002 to build rockets.
The rocket business still grew this year, and it's now 12% of revenue.
But xAI booked $7.6B, the vast majority is presumed to be the cloud deals that rent out its compute.
The tenants are other AI companies, like Anthropic and Google. Musk says they’ve been approached by "every hyperscaler and dozens of smaller companies" seeking compute leases, and they have enough demand to rent out their capacity "several times over".
For every $1 its AI arm brought in last quarter, SpaceX spent about $2.18 building more of it.
The AI arm that’s outgrowing the rocket business only came in with xAI joining SpaceX in February - quick work!
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1 customer, 19.5% of SpaceX's revenue - you should click this if you want to understand who's renting all that compute (that was Q2, by Q3 one customer was 34.5%)
The day SpaceX stopped being just a space company - the February 2026 merger with xAI. Turning point for the industry.
What $60B of Cursor buys - a coding tool with LOTS of paying users, bolted onto Grok's models.
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Data source for today's Screenshot: SpaceX Q3 2026 results (SEC Form 8-K)
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