SpaceX filed a disclosure last week showing that a single client accounted for roughly 34.5% of its revenue last quarter. The filing calls that client “Customer B” and nothing else. Bloomberg has now named it: Anthropic.
The money goes to the AI division, now called Super Intelligence, which sells computing power. A person familiar with the matter told Bloomberg that Anthropic is SpaceX’s largest single customer, bringing in more than a third of third-quarter revenue. Anthropic declined to comment. SpaceX did not reply.
The US government is no longer the biggest customer
For most of SpaceX’s history, NASA and the Department of Defense wrote the most lucrative checks. That has flipped. Payments from Anthropic now exceed them. The only other client above the 10% threshold—possibly the aggregate of the government agencies SpaceX works with—came in at 16.6% last quarter, down from about a fifth in 2025. Musk himself has predicted NASA will account for less than 5% of SpaceX revenue in 2026.
Behind the shift are deals signed earlier this year. Anthropic buys compute from SpaceX datacenters in Memphis, Tennessee. Since buying his own company xAI, Musk has been turning the AI arm into a neocloud and leasing capacity to Google as well. The division turned a profit for the first time last quarter.
Through 2029, cancellable from January
The other side of the ledger sits in Anthropic’s IPO prospectus, which puts the commitment at up to $120.5 billion across contracts running to 2029—about $3.1 billion a month starting in December. Anthropic can walk away from either SpaceX contract on 90 days’ notice, one from January 2027 and the other from March 2027. It also holds contracts with Nscale and Lambda.
Musk is warning about the shakeout he is part of
Musk has spent recent weeks posting on X about the neocloud rout, about CoreWeave’s high-yield bonds, and about what sets SpaceX apart. “Debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers,” he wrote, pointing to Starlink and launch revenue. “That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.”
He is right, and it applies to him too. SpaceX does have revenue outside AI. But the division meant to carry his promise of a $100 billion annual run rate by the end of 2026 rests on one client who can leave with three months’ notice from January. For Anthropic that is an option. For SpaceX it is a risk that appears in no filing.