Anthropic’s S-1 caps SpaceX compute spend at $120.5B

Anthropic’s Form S-1, filed with the SEC on October 26, commits the company to spend up to $120.5 billion on Nvidia GPU compute from SpaceX.AI LLC, the SpaceX subsidiary behind SpaceXSI, over terms running into 2029, Teslanorth reports. That total is a ceiling: the contracts are firm only until the initial non-cancelable periods end in January 2027 and March 2027, after which either Anthropic or SpaceX can cancel with 90 days’ written notice.

SpaceX’s own IPO filing earlier showed Anthropic paying $1.25 billion a month through May 2029. The S-1 puts payments at roughly $3.1 billion a month, or about $37 billion a year, once all of the contracted capacity is delivered, which Anthropic expects in December 2026. Fees are different while capacity is still ramping up. That rate covers several agreements Anthropic says it “entered into and amended” with SpaceX.AI between May and October 2026 “to access compute powered by NVIDIA GPUs.”

In September, SpaceX’s CFO said the company had closed a hosting deal worth about $1.11 billion a month starting December 1, without naming the customer. The CFO also said these contracts come with early outs so SpaceX can take capacity back for its own Grok models, which compete with Claude.

SpaceX’s third-quarter revenue rose 161% to $14.6 billion, with $16.4 billion of capex going into the Super Intelligence business. At the full rate, Anthropic would pay roughly $9.3 billion a quarter. On Sunday, October 25, Elon Musk said SpaceX had secured $40 billion of debt for GPUs arriving in the first half of 2027.

The filing lists SpaceX alongside Microsoft, Nscale and Lambda as cloud providers giving Anthropic access to Nvidia GPUs, including Vera Rubin systems. A single year at the full SpaceX rate already sits close to the $45 billion put on the entire six-year Nscale rental in September.

Anthropic’s IPO still needs SEC review before its shares can start trading.