Anthropic Pays SpaceX $15B a Year, Files Confidential IPO

Anthropic filed a confidential IPO prospectus the same week SpaceX began an IPO roadshow targeting a June 12 Nasdaq listing under the ticker SPCX and a roughly $75 billion valuation.

SpaceX’s amended IPO filing discloses that Anthropic leases 325,000 Nvidia GPUs hosted at SpaceX’s Colossus and Colossus II facilities in Memphis and pays $1.25 billion per month through May 2029. The contract includes a clause allowing either party, after an initial three-month period, to terminate the agreement with 90 days’ notice.

Under the contract terms, the scheduled payments amount to up to about $45 billion in future commitments but can be ended within roughly three months after the initial period. Anthropic’s monthly payments constitute a substantial share of SpaceX’s reported annual revenue.

Both companies are seeking allocations from the same pool of institutional investors. Anthropic is pursuing a public offering with a reported target valuation near $965 billion. Institutional investors will choose between SpaceX’s launch, satellite and compute businesses and Anthropic’s core AI products and infrastructure plans.

The filings disclose institutional mechanics. Goldman Sachs is the lead manager on SpaceX’s offering. Morgan Stanley is managing a direct share program that reserves 5% of IPO stock for insiders selected at the discretion of SpaceX’s executive officers and that imposes no lockup restriction on those shares.

Anthropic’s Claude competes with xAI’s Grok. Anthropic is also investing in its own compute infrastructure, which could reduce or end payments to SpaceX over time.

In February Elon Musk criticized Anthropic on X, calling the company “misanthropic and evil” and questioning its behavior. In May, after meetings with Anthropic executives and staff, Musk posted praise and agreed to lease Anthropic access to the GPU cluster, writing that no one had “set off my evil detector.” The interval between those posts was roughly 90 days, the same notice period in the compute agreement.

SpaceX’s filing presents the GPU contract as a major commercial relationship while noting its conditional nature. The filings highlight the termination clause and the concentration of revenue; investors will evaluate those terms when making allocation decisions as both companies seek capital in the same market window.