TLDR
- Anthropic agreed to pay SpaceX up to $84.5 billion for compute capacity through 2029, nearly double an earlier estimate from May.
- The deal was revealed in SpaceX’s confidential IPO prospectus and runs on Nvidia based hardware, and it can be canceled with 90 days’ notice.
- Anthropic’s total AI infrastructure spending across partners including Google, Amazon, Microsoft and Broadcom is expected to hit at least $518 billion over the next decade.
- SpaceX stock rose 2% by midday trading after the news broke.
- Anthropic reported about $4.6 billion in 2025 revenue and over $8 billion in operating losses, while its own IPO has reportedly been pushed back to November.
SpaceX stock rose 2% by midday Tuesday trading. The move followed a report that Anthropic agreed to pay SpaceX up to $84.5 billion for computing capacity through 2029.
Space Exploration Technologies Corp., SPCX
The figure comes from a confidential SpaceX IPO prospectus reviewed by Reuters. It shows Anthropic’s compute spending nearly doubling from what was previously reported.
Back in May, reports pointed to a deal worth about $1.25 billion per month, capped at three years. That structure would have totaled roughly $45 billion if it ran the full term.
The new terms push the total up to $84.5 billion through 2029. Anthropic can still cancel the agreement with 90 days’ notice.
The compute runs on Nvidia based hardware. That gives Anthropic more flexibility than some of its other long term infrastructure contracts.
Total AI Infrastructure Spending
Anthropic’s compute needs stretch well beyond SpaceX. Including partners like Google, Amazon and Microsoft, the company expects to spend at least $518 billion over the next decade.
Google accounts for at least $111.1 billion of that figure. Amazon sits close behind at $110 billion.
Microsoft’s infrastructure agreement is worth about $31.4 billion. Anthropic also carries roughly $161.2 billion in equipment leases with Broadcom.
Many of the Broadcom leases come with limited ability to cancel. Anthropic is required to make payments under fixed terms for those contracts.
The company has also moved past relying only on cloud providers. Its plans now include dedicated data centers and direct chip leases alongside long term compute access.
Anthropic’s compute needs are tied closely to its model lineup. Its Claude Opus 5.5 model, part of the newer Claude 5.5 family, handles coding, research and professional work while trimming costs compared to Claude Fable 5.1.
Financial Position Ahead of IPO
Anthropic confidentially filed for a U.S. initial public offering in June. The full terms of its agreements remain only partly public since the complete prospectus has not been released.
The IPO has reportedly been pushed back to November. If the company hits its fundraising targets, the offering could rank among the largest ever.
Anthropic reported close to $4.6 billion in revenue for 2025. Operating losses for the year topped $8 billion as infrastructure and model development costs stayed high.
At the end of 2025, Anthropic held about $20.28 billion in cash and short term investments. That cushion sits alongside hundreds of billions of dollars in long term compute commitments.
The SpaceX deal adds another large piece to Anthropic’s infrastructure lineup. How much of the $84.5 billion Anthropic actually spends will depend on usage and whether the agreement runs through 2029.
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