SpaceX has signed another massive AI computing contract, giving management fresh confidence that the company can reach a $100 billion annualized revenue run rate by the end of 2026.
Chief Financial Officer Bret Johnsen said at Goldman Sachs’ Communacopia + Technology Conference that an undisclosed customer will pay about $1.11 billion per month for SpaceX compute capacity beginning Dec. 1.
That works out to roughly $13.3 billion in annualized revenue if sustained for a full year. Johnsen said the agreement gives SpaceX “even more conviction” that it is on track for its $100 billion ARR target.
The contract is SpaceX’s fourth major AI compute agreement in recent months and adds to deals with Google and Anthropic.
Google is set to pay roughly $920 million per month, while Anthropic’s agreement is worth about $1.25 billion per month. Together with the latest customer, those contracts illustrate how aggressively SpaceX is moving beyond rockets and Starlink into AI infrastructure.
AI Demand Is Growing Faster Than Capacity
The timing is especially interesting because the new contract arrives immediately after reports that SpaceX has been rethinking parts of its data-center expansion.
Our recent coverage of the AI data-center slowdown highlighted reliability issues at existing facilities and delays around expansion beyond Memphis.
That creates a clear tension.
SpaceX is proving it can sell compute capacity faster than almost anyone expected, but the company still needs enough electricity, cooling and reliable infrastructure to deliver that capacity at scale.
Johnsen said SpaceX expects to finish 2026 with a little over 2 gigawatts of deployed computing capacity, before potentially expanding to 5–10 GW in 2027. He specifically pointed to access to power as one reason management is confident in the growth plan.
$100B ARR Would Be a Huge Jump
The year-end target would represent a dramatic step up from SpaceX’s current financial base.
The company’s Q2 annualized revenue run rate was about $31 billion, while second-quarter revenue reached $7.81 billion, up 92% year over year. Coinpaper’s earlier earnings coverage also showed AI revenue growing 247%.
The AI business is becoming increasingly important to the long-term SPCX valuation story.
Goldman Sachs previously projected that SpaceX’s AI revenue could reach $322 billion by 2030, up from about $3.2 billion in 2025. That forecast already made AI one of the biggest assumptions behind the company’s public-market valuation.
SpaceX is also telling investors that the compute buildout can produce unusually fast returns. On its Q2 earnings call, Johnsen said AI infrastructure investments were generating payback periods of less than one year, while Elon Musk said the company’s internal forecast for reaching $1 trillion in annual revenue had moved forward to 2030.
