Anthropic PBC stands as the single biggest customer of SpaceX, contributing more than one-third of the company's revenue in the third quarter of this year, according to people familiar with the matter, for the enterprise founded by Elon Musk that operates across artificial intelligence, satellites, and rockets.
In a filing submitted last week, SpaceX stated that roughly 34.5% of its revenue in the prior quarter came from a single client paying fees to its AI business unit, now renamed Super Intelligence, which provides computing power services externally.
The filing identified this customer only as "Customer B," and the people familiar with the matter said it is Anthropic; the details remain confidential, and the person requested anonymity.
Revenue from Anthropic has now surpassed that from the U.S. federal government, which had previously been SpaceX's largest single customer; this also means SpaceX faces customer concentration risk, as the contract could be terminated by the counterparty as early as next year.
This revenue stems from a computing power partnership that Anthropic reached with SpaceX earlier this year, with Anthropic utilizing computing resources from SpaceX's data center in Memphis, Tennessee.
Musk is gradually building SpaceX's AI business into what is known as a neocloud, renting out data center computing resources to customers such as Anthropic and Google.
This bet has proven lucrative this quarter, with the AI business segment achieving profitability for the first time, helping Musk fulfill his goal of reaching $100 billion in annualized revenue by the end of 2026.
However, Wall Street is currently turning pessimistic on the neocloud model, and SpaceX has thus fallen into a situation of dependence on a single customer.
According to the AI lab's IPO disclosure documents, the total value of the Anthropic-related contract could reach up to $120.5 billion, with the contract valid until 2029.
The documents show that starting in December of this year, Anthropic will pay approximately $3.1 billion per month.
Nevertheless, Anthropic can terminate this computing contract with SpaceX by providing 90 days' notice, either after January 2027 or after March 2027.
The documents also mention that Anthropic is simultaneously cooperating with other computing cloud service providers such as Nscale and Lambda.
SpaceX's heavy reliance on AI computing contracts for revenue reflects the dramatic transformation the rocket company has undergone in less than a year since acquiring Musk's AI company xAI.
For much of SpaceX's history, its partnerships with NASA and the Department of Defense were its most profitable businesses.
SpaceX's filing shows that in the third quarter, only two customers each contributed more than 10% of total revenue.
The other customer (possibly a combination of multiple government agencies) accounted for 16.6% of third-quarter revenue, while in 2025, this portion represented about one-fifth of the company's revenue.
Musk also predicted that NASA, once one of SpaceX's most important partners, will account for less than 5% of its revenue in 2026.
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