Anthropic
Bloomberg reports Anthropic is SpaceX's largest single customer
A SpaceX filing shows one customer supplied 34.5% of revenue. Bloomberg reported it is Anthropic, which agreed to spend up to $120.5 billion on SpaceX compute.
One unnamed customer supplied 34.5% of SpaceX’s revenue last quarter. Bloomberg reported it is Anthropic, which has agreed to spend up to $120.5 billion on compute from a SpaceX subsidiary.
What the SpaceX Filing Shows
SpaceX said in its quarterly report, filed Oct. 22, 2026, that “Customer B” accounted for 34.5% of consolidated revenue in the three months ended Sept. 30 and 24.2% over nine months. Customer B did not top 10% of revenue in the 2025 periods. The filing ties that revenue to the SI segment, SpaceX’s AI business. It does not name the customer.
Total revenue was $14.575 billion, up from $5.576 billion a year earlier. SI segment revenue rose to $7.56 billion from $813 million. Calculated from those figures, 34.5% of the quarter’s revenue is about $5.0 billion.
The SI segment entered cloud services arrangements in 2026 that provide “continuous access to reserved compute capacity” for fixed monthly fees, the filing said. A second customer, Customer A, was 16.6% of third-quarter revenue, down from 23.9% a year earlier.
What Anthropic Disclosed
Anthropic’s S-1 IPO filing, submitted Oct. 26, says it entered into and amended several agreements between May and October 2026 with SpaceX.AI LLC, a wholly owned SpaceX subsidiary formerly named X.AI LLC. The agreements give it access to compute powered by NVIDIA GPUs.
Anthropic agreed to spend up to $120.5 billion over terms extending into 2029. That comes to about $3.1 billion a month at full capacity. Anthropic expects all capacity to be delivered in December 2026. The agreements carry non-cancelable periods ending in January 2027 and March 2027. Either party may then cancel an agreement on 90 days’ written notice.
The S-1 lists SpaceXAI among the cloud providers behind its NVIDIA GPU capacity, alongside Microsoft, Nscale and Lambda.
How the Customer Was Identified
Bloomberg reported Oct. 29, citing a person familiar with the matter, that Anthropic is SpaceX’s largest single customer. Semafor ran the story Oct. 30.
Semafor said investors worry the AI industry leans too heavily on a small number of firms. It noted that Anthropic’s own prospectus this week showed almost half its revenue comes from Amazon, Google and Microsoft.
Analysis
We think the two filings leave each company’s numbers resting on the other keeping the deal. SpaceX drew a third of its quarterly revenue from Customer B. If that is Anthropic, either side can end the arrangement on 90 days’ notice after January and March 2027. Anthropic, for its part, leases GPU capacity from SpaceX.AI LLC, the company formerly named X.AI LLC.