TLDR
- SpaceX CFO Bret Johnsen announced a new AI hosting deal worth $1.11 billion per month, starting December 1.
- The mystery customer has not been named; the deal adds to existing contracts with Anthropic and Google.
- SpaceX now has greater confidence in hitting its $100 billion annual recurring revenue target by year-end.
- The company expects to finish 2026 with over two gigawatts of terrestrial computing capacity, targeting five to ten gigawatts in 2027.
- SpaceX plans to launch its first orbital computing satellites next year, with major deployments planned for 2028.
SpaceX has signed another major AI hosting deal worth $1.11 billion per month, with the contract set to kick off December 1. CFO Bret Johnsen revealed the agreement Thursday during a fireside chat with Goldman Sachs analyst Eric Sheridan at the Goldman Sachs Communacopia and Technology Conference.
Johnsen did not name the customer but said the deal gave management “even more conviction” about hitting the company’s $100 billion annual recurring revenue target by the end of 2026.
SpaceX CFO Bret Johnsen says the company signed an AI compute hosting deal expected to generate $1.11B/month starting Dec. 1, or ~$13.3B annualized.
AI compute deals are expected to exceed $3.4B/month by December, with $SPCX targeting a $100B ARR by year-end. pic.twitter.com/BQirwoTmm8
— Wall St Engine (@wallstengine) September 10, 2026
The new deal is worth roughly $13 billion in annualized recurring revenue if the initial monthly rate holds for a full year.
It joins existing agreements with Anthropic, which agreed to pay $1.25 billion a month through May 2029, and Google, which signed a $920 million per month deal in June.
Space Exploration Technologies Corp., SPCX
SpaceX acquired a large amount of unused data center capacity when it merged with Elon Musk’s AI startup xAI in February. That infrastructure now sits at the center of a fast-growing cloud services business.
Johnsen told investors during Q2 earnings last month that SpaceX had already signed $6.7 billion in cloud services revenue in just the first few weeks of Q3.
Building the Terrestrial AI Business
SpaceX is spending heavily to grow that capacity. The company spent $16 billion on AI infrastructure in Q2 2026, and executives expect similar spending levels for the rest of the year.
The company expects its computing capacity to generate around $30 to $50 in revenue per watt next year, with current deals near the upper end of that range.
Johnsen said AI infrastructure investments could have payback periods of less than one year, making them very different from traditional aerospace capital spending.
SpaceX is using exclusively Nvidia chips across its data centers and says its relationship with Nvidia helps it secure processor allocations in a tight market.
Most hosting contracts so far have run about 90 days with an additional 90-day option, giving SpaceX flexibility to reclaim capacity for its own AI products when needed.
“You don’t want to get in a situation where you constrain your own products in the years to come because you were giving away the compute forever,” Johnsen said.
Orbital Computing Is the Bigger Bet
The longer-term play is moving AI computing into space. SpaceX is targeting its first orbital computing satellite launches next year, with large-scale deployment planned for 2028.
These satellites would use the same platform as V3 Starlink satellites but swap communications equipment for computing hardware and add more solar power capacity.
The economics of orbital computing depend heavily on Starship becoming fully reusable. Johnsen said a recent flight completed a precision ocean landing of the upper stage, which was then recovered for inspection.
The company expects an upcoming Starship flight to carry production V3 Starlink satellites, marking the first revenue-generating Starship mission.
Starlink’s enterprise business is also expanding, with SpaceX now offering service-level agreements for corporate customers and a large backlog of airline installations.
SpaceX plans to launch a new generation of direct-to-device satellites next year, targeting commercial 5G-comparable mobile service in the first half of 2028.
Revenue from the new $1.11 billion monthly hosting deal is set to begin December 1.
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