Did Anthropic and Google Just Give Investors 2.2 Billion Reasons to Buy the SpaceX IPO?

Ahead of SpaceX’s monster initial public offering (IPO), expected on Friday, June 12, the company is demonstrating just how quickly it can ramp up revenue.

On June 5, SpaceX announced a massive, new, roughly three-year cloud service agreement with Google.

SpaceX agreed to provide Google with access to roughly 110,000 Nvidia graphics processing units (GPUs) and other compute infrastructure in SpaceX’s artificial intelligence data centers.

In return for these services, Google has agreed to pay SpaceX $920 million per month from October of this year through June 2029.

If SpaceX fails to deliver this access by September of this year, Google will have the option to terminate the deal or accept access to fewer GPUs at a lower monthly cost.

Starting in 2027, either party can terminate the deal with 90 days’ notice.

The agreement comes after SpaceX disclosed in its registration statement that Anthropic has agreed to a separate data center compute deal valued at $1.25 billion per month through May 2029.

Did Google and Anthropic just give investors 2.2 billion reasons to buy the SpaceX IPO?

SpaceX’s AI unit is very important

SpaceX acquired its AI division earlier this year when it purchased SpaceX Founder Elon Musk’s other company, xAI, valuing the business at $250 billion.

XAI includes the social media platform X, Grok AI intelligence, and data centers that currently provide 1 gigawatt of compute capacity, with additional power capacity available.

Image source: Getty Images.

SpaceX’s AI unit also has plans to build a large terafab facility with Tesla and Intel capable of building one terawatt of compute infrastructure, such as chips.

So far, the AI unit has been a drag on SpaceX. In 2025 and the first quarter of 2026, the AI unit had over $20 billion of capital expenditures.

In the first quarter of 2026, the AI unit generated an operating loss of nearly $2.5 billion.

Of course, this new data center revenue is a game changer. Assuming there are no disruptions in either of these deals, SpaceX will generate over $26 billion of revenue per year from the Anthropic and Google deals.

SpaceX reported total revenue of $18.7 billion in 2025.

The AI unit is driving much of SpaceX’s $1.78 trillion valuation. SpaceX believes the AI unit has a total addressable market (TAM) of $26.5 trillion.

SpaceX also said in its registration statement that it eventually hopes to launch 100 gigawatts of compute capacity to space annually.

Does the new deal make the valuation more reasonable?

During SpaceX’s roadshow, in which investment bankers market the IPO, Goldman Sachs bankers have reportedly been telling potential investors that SpaceX’s AI revenue will surge to $100 billion annually by 2030.

While that initially sounded outlandish, the Anthropic and Google deals certainly make this seem much more achievable.

In total, Goldman projects that SpaceX will generate $474 billion in revenue by 2030. Assuming this is true, the $1.78 trillion valuation means investors would be buying SpaceX at under four times 2030 revenue, which likely sounds pretty appealing.

However, keep in mind that the data center business is not easy to operate and requires significant and likely ongoing investment.

SpaceX will likely need to build new data centers to hit $100 billion in revenue, as Anthropic alone reportedly gets access to over 300 megawatts of compute under its deal with SpaceX.

There are also questions about how long GPUs last, which could prove another area that requires more frequent capital investment than expected.

Most other data center companies are growing revenue rapidly, but remain unprofitable and need to take on significant debt to build data centers.

It’s also possible that compute capacity won’t be constrained forever. If it becomes more commoditized, that could erode pricing power.

So, while these new compute deals are significant, there are still many unknowns, and a lot can happen between now and 2030.

A wait-and-see approach is best

The Anthropic and Google deals make SpaceX more compelling, but I continue to recommend that investors remain on the sidelines initially.

SpaceX is only issuing about 4% of its public float in the IPO, and more shares will flood the market in the first six months as early investors and employees become eligible to sell their shares.

I think shares will likely be cheaper six months after the IPO, and investors will also be able to gather much more information about the company in the meantime.

Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel, Nvidia, and Tesla. The Motley Fool has a disclosure policy.