SpaceX Gains After Disclosing $1.11B Monthly AI Deal

SpaceX shares rose about 1% on Friday after CFO Bret Johnsen disclosed at Goldman Sachs’ Communacopia + Technology Conference an AI compute-hosting agreement that could add $1.11 billion in monthly revenue starting Dec. 1.

Johnsen disclosed the deal closed in early September and represents roughly $13.3 billion in annualized revenue from a single unnamed customer. The company identified the contract as separate from a $6.7 billion, six-month compute agreement disclosed in August. It is the fourth major compute agreement announced by SpaceX in the past four months with annualized values above $11 billion.

Earlier this year SpaceX reported a $1.25 billion-per-month agreement with Anthropic in May and a $920 million-per-month deal with Google in June. Those contracts and the latest agreement represent multiple large compute commitments.

SpaceX generated about $23 billion in revenue over the past 12 months. The company’s market capitalization is about $2.01 trillion. SpaceX has guided toward $100 billion in annual recurring revenue by the end of 2026; Johnsen indicated increased conviction the company can reach that target by December.

SpaceX is expanding its AI capacity targets. The company now aims for between 5 and 10 gigawatts of compute capacity by the end of 2027, up from a prior goal of 2 gigawatts by the end of 2026. Louie DiPalma of William Blair said, “SpaceX has benefited from its ability to deploy capacity much faster than peers,” and noted the firm’s relationship with Nvidia gives SpaceXAI priority access to GPUs.

The announcement followed a volatile stretch for SpaceX stock. Shares fell earlier in the week after a scheduled lockup tranche released up to 319 million Class A shares, roughly $49 billion at recent prices, and another 59.1 million affiliate shares unlocked the next day. The extra supply pressured the stock on Wednesday; shares recovered modestly and were about 12% higher over the past 30 days by Friday.

Further share unlocks remain scheduled: by the end of 2026 roughly 4.9 billion SpaceX shares are expected to become available for trading.

The compute-hosting agreement increases the scale of SpaceX’s AI infrastructure commitments alongside its satellite and launch operations.