SpaceX is no longer just a rocket company, and Wall Street analysts are increasingly focused on its fast-growing artificial intelligence infrastructure business.
The company has been securing major AI compute deals that analysts believe could dwarf revenues from its core launch and satellite operations in the years ahead.
TD Cowen projects that SpaceX’s terrestrial AI compute-leasing segment could become its largest near-term revenue opportunity, driving most company growth through early 2027.
In May, SpaceX agreed to give Anthropic access to roughly 325,000 Nvidia GPUs across its Colossus data centers for $1.25 billion per month.
Weeks later, SpaceX struck a similar agreement to provide Google with approximately 110,000 GPUs for $920 million per month, adding further scale to its compute business.
Together, those two contracts alone could generate around $26 billion annually, which would exceed SpaceX’s entire revenue from last year.
SpaceX has also signed a major computing deal with Reflection AI for access to Nvidia GB300 chips at the Colossus 2 data center, with payments of $150 million per month starting July 1, 2026.
That Reflection AI deal could total roughly $6.3 billion if it runs through 2029, further cementing Colossus as a commercial computing platform for outside clients.
Currently operating 780,000 GPUs, SpaceX is expected to ramp capacity to between 2.3 GW and 2.7 GW by the end of 2026, outpacing consensus estimates of 2.1 GW.
Evercore forecasts $83 billion in revenue from AI Solutions and Infrastructure in 2027, underpinned by expectations that SpaceX’s GPU capacity will more than double by year-end.
In its most recent quarter ending June 30, SpaceX posted $2.6 billion in AI revenue, translating to an annualized run rate of approximately $10.2 billion.
Wall Street expects AI revenue to top $67 billion by 2027 and reach an extraordinary $275 billion by 2030, signaling the scale of investor conviction around this business line.
SpaceX is targeting 5 to 10 GW of compute capacity in 2027, and SemiAnalysis estimates that 10 GW could support roughly $300 billion in annualized recurring revenue if half of incremental capacity is externally monetized.
The company is aiming for an annualized revenue run rate of $100 billion by the end of this year, with AI compute leasing serving as a central pillar of that ambition.
The Wall Street Journal reported that SpaceX is also in talks to supply the Pentagon with data-center capacity potentially worth billions of dollars for running AI models, though that deal has not been finalized.
Despite a current lack of profitability, SpaceX carries a valuation of around $2 trillion, reflecting investor expectations around space, AI, and its Starlink internet business as future revenue engines.
