As it is about to land on Nasdaq, SpaceX has once again finalized a large-scale computing power sales agreement, this time with long-term shareholder Google. According to regulatory documents submitted by SpaceX to the U.S. Securities and Exchange Commission on Friday local time, Google will pay SpaceX approximately US$920 million on a monthly basis from October 2026 to June 2029 to obtain the right to use approximately 110,000 Nvidia GPUs, as well as related CPUs, memory and other supporting computing infrastructure.
The term and scale of this agreement are highly similar to another large computing power order announced by SpaceX in May this year. At that time, artificial intelligence company Anthropic agreed to pay SpaceX $1.25 billion per month until 2029 to lease computing power at its "Colossus" data center built by xAI near Memphis, Tennessee, USA. xAI is now part of SpaceX, and the data center was originally built for its own artificial intelligence research and development.
Similar to the Anthropic deal, the latest agreement between SpaceX and Google also has a termination clause. After December 31, 2026, both SpaceX and Google can terminate the agreement with 90 days’ notice. In the context of billions of dollars of investment in AI infrastructure and rapid changes in the technology and regulatory environment, such flexible terms leave room for adjustment by both parties.
SpaceX chose to disclose the deal a week before the company's shares are expected to be listed on the Nasdaq exchange next week, which is seen by the industry as part of its story of strengthening capital markets. According to the IPO-related documents submitted to the SEC, SpaceX plans to raise approximately US$75 billion, corresponding to a valuation of approximately US$1.75 trillion. If successfully realized, it will become one of the largest IPOs in history.
Google, on the other hand, is further deepening its business binding with SpaceX based on its original equity investment. Google took a stake in Musk's aerospace and space Internet company in the early years. As the valuation of SpaceX soared, the value of its shareholding is expected to exceed US$100 billion after the IPO. Under this computing power cooperation, Google is not only an important shareholder of SpaceX, but also one of its core customers for its ultra-large-scale data center capabilities.
As the demand for AI model training and inference surges, long-term purchase agreements between top technology companies and computing power providers have become increasingly common. For SpaceX, acquiring Google as a heavyweight customer after Anthropic is expected to bring multi-year, predictable cash flow support to its Colossus and other data centers, and further consolidate its layout in the high-performance computing and AI infrastructure markets in addition to its satellite Internet and starship launch business.
The report pointed out that this incident is still developing. If there is more public information about contract details, data center deployment and IPO progress, it is expected to have further impact on SpaceX’s role in the capital market and the global computing power map.