SpaceX just locked in its second massive AI compute contract in as many months. This time, the client is Google.

The multi-year cloud services agreement with Alphabet’s Google will see the search giant pay SpaceX $920 million per month starting in October 2026 and running through June 2029. Over roughly 32 months, the deal is projected to total approximately $30 billion. It grants Google access to around 110,000 Nvidia GPUs housed in SpaceX’s data center infrastructure.

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The Google deal follows a similar, and even larger, arrangement with Anthropic that was revealed on May 6, 2026. Under that contract, Anthropic committed to $1.25 billion in monthly payments running until May 2029. That deal grants Anthropic exclusive access to Colossus 1, SpaceX’s sprawling data center facility in Memphis, Tennessee.

Colossus 1 houses more than 220,000 Nvidia GPUs and runs on 300 megawatts of power capacity. Combined, the two deals generate approximately $26 billion in annual recurring revenue.

The data center infrastructure was originally built to support Elon Musk’s xAI initiative and its Grok models. Following the SpaceX-xAI merger in February 2026, the company began transitioning from internal compute usage to leasing large-scale GPU capacity to external customers.

The IPO looming over everything

SpaceX has its IPO scheduled for June 12, 2026, just one week after the Google deal announcement. The company is targeting a $75 billion raise at a share price of $135, which would value SpaceX at approximately $1.75 trillion.

The Anthropic contract alone projects to roughly $45 billion over its three-year duration. Stack the Google deal on top at $30 billion, and SpaceX is walking into its roadshow with approximately $75 billion in contracted future revenue from just two customers.

What this means for investors

The Anthropic arrangement grants exclusive access to Colossus 1, which means that facility’s capacity is fully spoken for. The Google deal involves a separate pool of roughly 110,000 GPUs. How much additional capacity SpaceX can bring online, and how quickly, will determine whether the company can sign a third or fourth major client before the current contracts expire in 2029.

In less than four months since the xAI merger, the company has signed contracts worth a combined $75 billion in future revenue.