SpaceX’s AI division just went from side project to cash machine. A multi-year computing infrastructure deal with Anthropic, valued at roughly $1.25 billion per month, is projected to add $15 billion in annual AI revenue to a division that pulled in just $3.2 billion the year prior.

Jim Cramer highlighted the deal’s transformative potential during a segment aired on May 26, noting how the Anthropic contract fundamentally changes the economic profile of xAI, which SpaceX absorbed through an all-stock merger on February 2, 2026. The merger valued SpaceX at $1 trillion and xAI at $250 billion post-deal. Now, with the Anthropic lease running through 2029, the combined entity’s AI economics look dramatically different than they did just months ago.

The deal structure and SpaceX’s IPO timing

Anthropic is essentially renting computing power from SpaceX’s Memphis data centers. SpaceX built massive GPU farms, and instead of only using them internally, it’s now leasing that capacity to one of the most well-funded AI labs on the planet at a rate that works out to roughly $15 billion a year.

SpaceX began trading publicly on June 12, 2026, under the ticker SPCX, closing its first day at $161 per share. That gave the company a market capitalization of approximately $2.1 trillion. Walking into an IPO with a freshly signed contract that nearly quintuples your AI revenue is, to put it mildly, good salesmanship.

The revenue jump from $3.2 billion to a projected $18.2 billion transforms the AI division from a speculative bet into a legitimate pillar of SpaceX’s business.

SpaceX also has a partnership with Cursor, the AI coding startup, that includes an option for SpaceX to acquire the company for $60 billion.

The competitive landscape shifts

The Anthropic deal positions SpaceX as an AI infrastructure landlord, collecting rent from the very labs building frontier models. That’s a business model Microsoft pioneered through its Azure partnership with OpenAI, and SpaceX appears to be replicating it with potentially even higher margins given its ownership of the physical data center assets.

Cramer’s analysis centered on how this vertical integration, from data center hardware to compute leasing to potential application-layer acquisitions like Cursor, creates a flywheel that traditional cloud providers will struggle to match. SpaceX doesn’t need to make money on the compute itself if the Starlink division and launch business subsidize infrastructure buildout.