SpaceX signs new AI computing deal as CFO confirms $100B annual recurring revenue on track

SpaceX just added another massive AI compute hosting deal to its growing portfolio, this one expected to generate approximately $1.11 billion per month starting December 1, 2026. CFO Bret Johnsen disclosed the contract during the Goldman Sachs Communacopia and Technology Conference on September 10, saying the company now has “even more conviction” in reaching $100 billion in annualized recurring revenue by the end of the year.

The numbers behind the confidence

The new contract alone would translate to roughly $13 billion in annualized recurring revenue once it kicks in at full capacity in December. SpaceX’s existing agreement with Anthropic already generates approximately $1.25 billion per month. A separate deal with Google parent Alphabet is set to begin producing around $920 million per month starting in October 2026. Stack those three contracts together and you’re looking at north of $3.2 billion in monthly compute revenue before counting anything else.

The company reported $7.8 billion in total revenue for Q2 2026, a figure driven by expanding compute deals layered on top of its Starlink satellite internet operations.

SpaceX trades under the ticker SPCX, and the revenue trajectory Johnsen outlined suggests the stock’s valuation is being increasingly underwritten by data center economics rather than launch manifests.

From orbit to gigawatts

SpaceX is targeting more than 2 gigawatts of terrestrial AI compute capacity by the end of 2026, with plans to scale to between 5 and 10 gigawatts in 2027.

The company’s strategy relies on short-term contracts, typically around six months in duration. That structure gives SpaceX flexibility to reclaim capacity for its own internal projects when needed, including work tied to xAI’s Grok models and the recently acquired Cursor, an AI-powered code editor. Short-duration deals also let SpaceX reprice capacity as market conditions shift.

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