SpaceX has secured another compute agreement ahead of its expected IPO, this time with Google.
The company announced the deal in a regulatory filing on Friday.
Under the agreement, Google will pay SpaceX $920 million per month from October 2026 through June 2029, which should add up to more than $20 billion by the end of that timeline.
In return, Google will get access to about 110,000 NVIDIA GPUs, CPUs, memory, and other related components.
Similar Deal With Anthropic
The agreement is similar in length and scale to the deal SpaceX announced with Anthropic in late May.
Under that deal, Anthropic agreed to pay SpaceX $1.25 billion per month through 2029 to rent all available compute from the Colossus 1 data center near Memphis, Tennessee.
The data center was originally built by xAI, now part of SpaceX, for its own artificial intelligence work.
Google’s deal appears to cover about half the compute capacity Anthropic can access at Colossus 1. SpaceX did not say which data center Google will use. CEO Elon Musk has previously suggested that SpaceX would reserve the Colossus 2 data center for xAI.
Google Demand
Anthropic had limited compute capacity before its SpaceX deal and raised usage limits on the same day the agreement was announced.
Google is in a different position. Some estimates describe it as the world’s largest single owner of AI compute.
A Google representative said the agreement is linked to stronger-than-expected demand for its newly launched AI products.
“Google Cloud and SpaceX are long-time partners,” Google said in a statement. “This is a short-term, timely agreement to ensure we have bridge capacity to meet surging customer demand for our agent platform, Gemini Enterprise, which has been even higher than we expected.”
Alphabet Spending
Google’s parent, Alphabet, is also increasing spending.
Alphabet has already committed to more than $180 billion in capital expenditures this year and has said it expects spending to increase significantly in 2027.
To support that spending, Alphabet recently announced an $80 billion equity sale.
Cancellation Terms
Like the Anthropic agreement, the Google deal includes a cancellation clause.
Both SpaceX and Google can terminate the agreement with 90 days’ notice after Dec. 31, 2026.
Google’s access to the data center will ramp up through September at a reduced fee, according to the filing.
If we fail to deliver access to the committed amount of GPUs by September 30, 2026, then following a one-month grace period, Google may immediately terminate the agreement or accept the number of GPUs provided with lower monthly fees, the filing said.
IPO Plans
SpaceX announced the agreement one week before its stock was expected to begin trading on the Nasdaq exchange.
Paperwork filed with the Securities and Exchange Commission shows SpaceX is seeking to raise about $75 billion at a valuation of around $1.75 trillion.
That would make it the largest IPO in history. Google is a longtime investor in SpaceX. Its stake in Musk’s company is expected to be worth more than $100 billion after the IPO.
The companies are also reportedly in talks to build orbital data centers, which are a major part of SpaceX’s plans after the IPO.
