SpaceX Secures $13 Billion Annualized AI Computing Deal at $1.11 Billion Per Month, Bolstering Path to $100 Billion Revenue Run Rate by Year-End

SpaceX closed an AI computing hosting agreement worth approximately $1.11 billion per month with an undisclosed customer, adding roughly $13 billion in annualized revenue as the company targets a $100 billion annual recurring revenue run rate by the end of 2026, according to Chief Financial Officer Bret Johnsen speaking at the Goldman Sachs Communacopia and Technology Conference on Thursday September 10. The agreement was signed earlier in September and payments begin December 1, 2026, with the deal structured to allow either party to terminate relatively quickly under provisions similar to SpaceX's other compute agreements, per MarketWatch and Qz reporting. The company's June-quarter annualized revenue run rate stood at approximately $31 billion, making the $100 billion year-end target a substantial jump that depends heavily on these AI hosting contracts. SpaceX has assembled a roster of computing customers in recent months, including a deal with Reflection AI valued at $150 million monthly from July 2026 through end of 2029 for access to Nvidia GB300 chips at SpaceX's Colossus 2 facility in Memphis, Tennessee, an arrangement with Anthropic worth $1.25 billion monthly through May 2029, and a separate Google agreement covering $920 million per month beginning next month and running through June 2029, according to MarketWatch. The company expects to finish 2026 with slightly more than two gigawatts of terrestrial computing capacity and plans to expand that to five to ten gigawatts next year. Pivotal Research initiated coverage September 8 with a Buy rating and $220 target, implying approximately 49 percent upside from the $148 level, though the investment case rests almost entirely on Starship reusability rather than AI hosting. Piper Sandler maintains a Neutral rating and $140 target, warning that the AI cloud agreements' staying power is difficult to judge.