Anthropic previously committed to paying SpaceX $1.25B per month for GPU compute.

With the new Google cloud deal that was disclosed today, adding $920mil monthly, the two AI labs (Google + Anthropic) together are now collectively paying SpaceX $2.17B per month, a huge $26 billion annualized revenue run rate.

To note, Alphabet also has made a huge gain from backing SpaceX. Google invested about $900M in SpaceX in Jan-2015, for roughly 7%, when SpaceX’s valuation was around $12 B.

And SpaceX now targets a $1.75T IPO valuation. A reported 6.11% Google stake at 12-25 would be worth about $107B at $1.75T, while a diluted 5% stake would be worth about $87.5B .

Against a roughly $900M entry cost, that implies around 97x to 119x on paper, before taxes, lockups, dilution, or any discount investors apply after trading starts.

The business shift is also important: Alphabet first backed SpaceX in 2015, partly for satellite internet, but the upside now includes Starlink, launch dominance, and newly filed AI compute contracts.