Author: Ada, Deep Tide TechFlow

The countdown to SpaceX's IPO pricing stage has begun, with two monthly billing large contracts disclosed through SEC filings. The first is the Anthropic contract in the S-1 filed on May 20, amounting to $1.25 billion per month, leasing all computing power of the Colossus 1 data center built by xAI in Memphis, Tennessee; the second is the Google contract in the S-1 amendment filed on June 5, amounting to $920 million per month, leasing about 110,000 Nvidia GPUs.

The total of both contracts amounts to $2.17 billion per month, annualizing to $26 billion; if not terminated early, the total contract value over three years exceeds $70 billion. SpaceX's official statement on the Anthropic contract in the S-1 is "allowing us to monetize the idle computing power in our infrastructure," placing the word "idle" at the core.

From a loss of $2.4 billion to monthly revenue of $2.6 billion, completing the bookkeeping reconstruction in three weeks

SpaceX's xAI division recorded an operating loss of $2.47 billion in the first quarter of 2026. According to data disclosed by SpaceX in the S-1, the division's AI capital expenditure for 2025 is $12.7 billion, with an additional investment of $7.7 billion in the first quarter of 2026. BitMEX's compiled figures based on the S-1 show that by the time of pricing, SpaceX's cumulative deficit had reached $41.3 billion.

The turning point occurred on April 1. On that day, SpaceX confidentially submitted an IPO registration statement to the SEC. The S-1 was publicly disclosed on May 20, along with the Anthropic contract; on June 1, an S-1/A amendment was submitted; on June 3 the price was set at $135 per share; roadshows began on June 4; the Google contract was disclosed on June 5; pricing took place on June 11; and Nasdaq's first trading day was June 12, with the code SPCX.

The Indian financial platform IndMoney's interpretation of this timeline hits the nail on the head: "Three weeks ago, xAI looked like one of SpaceX's biggest financial burdens; now it has about $2.17 billion in monthly computing revenue from two qualified clients. This is not a makeover of the story, but a structural rewriting."

The disclosure timing of the two contracts is highly concentrated: the Anthropic contract was made public 22 days before the IPO pricing, while the Google contract was made public 6 days before the IPO pricing.

The origin of Colossus 1's "idle": xAI has relocated its training tasks

The "underlying asset" supporting these two contracts is a facility that Musk has already vacated.

Colossus 1 is located in Memphis, Tennessee, completed in 122 days by xAI in December 2024, equipped with over 220,000 Nvidia GPUs (a mix of H100, H200, and GB200 models), with a power scale of 300 megawatts. This facility was originally used by xAI to train its large model Grok.

However, before signing with Anthropic, Colossus 1's usage rate had dropped to about 11%. DataCenterDynamics cites Musk's own statement: "After that, renting Colossus 1 to Anthropic was acceptable to me because SpaceXAI had already moved the training tasks to Colossus 2."

xAI has set up multiple data centers around Memphis, with Colossus 2 scheduled to go live in January 2026, and a third data center located in Southaven. The company has also purchased land for another facility construction on a neighboring plot for $659 million. Grok, the product originally served by Colossus 1, has seen a recent consistent decline in usage. According to TechCrunch, the usage of xAI's flagship AI assistant Grok has significantly dropped in recent months, freeing up servers that the company is now selling to one of its closest competitors.

The "bridging" language of the Google contract and its status as a 5% shareholder

The Google contract, disclosed later in time but closer to the IPO window, has several structural details worth unpacking.

According to the SEC filing by SpaceX on June 5, the contract amounts to $920 million per month, covering the period from October 2026 to June 2029. SpaceX must complete delivery by September 2026, or Google can terminate the contract or accept fewer GPUs. From 2027 onward, either party can notify to terminate with 90 days' notice. The leased items are approximately 110,000 Nvidia GPUs.

Google's official statement to the Wall Street Journal said: "This is a short-term, timely arrangement to ensure we have bridging capacity to meet the surge in demand from our agent platform Gemini Enterprise's customers, which even exceeds our expectations."

The choice of the terms "short-term" and "bridging capacity" contrasts with SpaceX's prospectus, which categorizes this contract as "contracted monthly committed revenue," indicating that the characterization of this contract by the signing parties is not completely aligned.

The background of the contract also involves equity relations, as Google itself is an early investor in SpaceX, holding about 5% of the shares, with Google executive Donald Harrison serving on SpaceX's board. This means Google has a direct financial interest in the IPO pricing of SpaceX.

Anthropic contract: $1.25 billion/month for inference rather than training

The Anthropic contract is the larger, earlier disclosed, and most noteworthy of the two contracts.

According to SpaceX's S-1, the contract amount is $1.25 billion per month, lasting until May 2029, with discounted pricing for the first two months. Either party can notify to terminate with 90 days' notice. The total contract value exceeds $40 billion. French AI media ActuIA estimates the implied cost at approximately $7.78 per GPU per hour.

Anthropic's purpose in leasing all computing power of Colossus 1 is for inference workloads rather than model training. According to Basenor's report, this portion of computing power will be used to expand the usage quotas of Claude Pro and Claude Max subscribers. This distinction is crucial; renting a competitor's computing power for inference (responding to user conversation requests) is a fundamentally different dependency relationship than renting computing power to train one's own models.

A horizontal comparison of the contract size can provide a sense of scale; according to public reports, CoreWeave's contract with OpenAI amounts to about $11.9 billion, lasting 5 years; the amount of this contract between Anthropic and xAI/SpaceX is approximately 6.3 times that of the former.

Another layer of background for the contract is Musk's prior public evaluation of Anthropic. Earlier this year, Musk publicly called Anthropic "evil" on several occasions. From publicly calling them out to signing the largest single AI computing power contract in history, less than a few months elapsed.

The tension between the 90-day exit clause and the $17.7 trillion valuation

The two contracts share a common structural point: either party can terminate with 90 days' notice, which presents a contrast worth examining alongside SpaceX's IPO valuation narrative.

Standard logic for data center financing typically relies on stable cash flows from "long-term anchored customers," with typical terms locking in contracts for more than 10 years, corresponding to aligned power, civil engineering, and depreciation cycles. Both the Anthropic and Google contracts deviate from this standard with their exit clauses.

Each signing party has left "soft" reasons for these two contracts; Anthropic's use is for inference workloads (which can be flexibly scheduled, fluctuating with subscription volumes); Google's official characterization is "short-term bridging capacity." However, SpaceX's S-1 places this portion under "contracted monthly committed revenue," presenting to IPO investors a stream of contracts that flows in steadily on a monthly basis.

SpaceX's IPO pricing itself also incorporates several preliminary assumptions. According to CNBC's report on June 3, the $17.7 trillion valuation "assumes the completion of EchoStar spectrum and Cursor-related deals." Morningstar's research estimates SpaceX to be "overvalued," suggesting investors wait to consider buying after the IPO. Motley Fool analyst Adam Spatacco advised investors to "initially remain cautious," citing that the company is only issuing about 4% of its public float, with more early investors and employees set to have their shares unlocked in the six months following the IPO.

For underwriting, Goldman Sachs leads the way, followed by Morgan Stanley, Bank of America, Citigroup, and JPMorgan, with a total of 21 banks participating. The allocation ratio for retail investors is as high as 30%, which is three times the regular level (about 10%) for mega-cap IPOs. SpaceX completed a 5-for-1 stock split on May 4.

After the listing on June 12, the market will provide the first pricing for this "rebuilt xAI narrative".