SpaceX disclosed a new cloud agreement with Google in an SEC filing on June 5, days before its planned Nasdaq listing. Google will pay $920 million a month for access to roughly 110,000 Nvidia GPUs, with full payments running from October 2026 through June 2029.
The whole thing reads like a number engineered for a roadshow. SpaceX prices its IPO on June 11 and starts trading June 12 on Nasdaq under SPCX, chasing a $75 billion raise. A multiyear, near-billion-a-month contract is exactly the kind of predictable revenue line you want investors staring at the week you ask them for money.
What Google is actually buying
The TechCrunch report pegs Google's slice at roughly half the compute Anthropic already locked up at Colossus 1. SpaceX wouldn't say which data center Google gets, and Musk has previously said Colossus 2 is reserved for xAI, so there's a gap in the story nobody is filling.
The filing says 110,000 Nvidia GPUs plus CPUs, memory, and related components. It does not say Blackwell. Anyone calling these B300s is guessing, and the original chatter floating that figure should be treated as a guess, not a spec.
A Google Cloud spokesperson told CNBC the deal is about bridge capacity for Gemini Enterprise demand running hotter than expected. Maybe. It's also the kind of line a company gives when it doesn't want to admit it ran short on chips and had to rent from a rocket company.
The math doesn't flatter the price
Run $920 million across 110,000 GPUs and you land somewhere around $11 to $12 per GPU-hour, which is steep even for top-tier accelerators. That premium reads like a charge for urgency and scale: Google needed a lot, fast, and SpaceX had it sitting there.
Sitting there is the operative phrase. xAI reportedly couldn't train Grok efficiently on Colossus 1's mismatched mix of H100, H200, and GB200 silicon and shifted training to Colossus 2. So SpaceX is renting out hardware its own AI unit struggled to use. The "we're just monetizing unused capacity" framing was the line in May. It keeps expanding.
Stacked on top of Anthropic
This isn't the first one. In May, SpaceX disclosed that Anthropic agreed to pay $1.25 billion a month through May 2029 for Colossus 1, a deal worth north of $40 billion over its life per a separate TechCrunch breakdown. Together the two contracts push SpaceX's disclosed AI cloud run rate toward $26 billion a year.
One catch worth holding onto: SpaceX reportedly booked a steep operating loss on its AI compute segment in Q1, with segment revenue far below costs. Whether $26 billion in contracted revenue closes that gap, or just makes the burn look more financed, depends on numbers SpaceX hasn't fully shown.
Both Google and Anthropic can walk after 2026 with 90 days' notice. If SpaceX misses its September 30 delivery target, Google can terminate or pay less. The protections suggest Google priced in a real possibility the chips don't show up on time.
Pricing lands June 11. First trade is June 12.
