SpaceX says it will rent AI computing power to Anthropic for $1.25bn a month

In short: SpaceX disclosed that Anthropic will pay $1.25 billion per month to rent AI computing power, showing how profitable and potentially fragile “compute leasing” can be.

What's going on

SpaceX has revealed details from a filing that describes a major contract to rent out its “compute capacity”, which means access to the powerful computer chips used to build and run AI systems (think of it like renting a huge fleet of engines, not buying them).

In the filing, SpaceX says it signed cloud services agreements with Anthropic in May 2026. Under the deal, the customer agreed to pay SpaceX $1.25 billion per month through May 2029, with lower fees during a ramp-up in May and June 2026. Either side can end the deal with 90 days’ notice.

The Financial Times report says more details have emerged suggesting Anthropic may be taking most or all of the capacity of SpaceX’s “Colossus I” data center near Memphis. Estimates in the piece put the build cost for that site, including GPUs (the specialized chips used for AI), at about $7 billion to $13 billion. The report also estimates running costs and chip wear-and-tear could total about $3 billion to $4.5 billion per year, which helps explain why rental income at this level can look extremely attractive.

What to watch

The article warns that leasing businesses often look safest when there is a shortage, but can weaken fast once more supply comes online. Since the contract can be canceled with 90 days’ notice, a key question is whether today’s very high “rent” for AI computing stays high, or falls as more data centers are built.

Source: Financial Times