SpaceX is arranging approximately $40 billion in long-term AI equipment financing while one of its major computing customers, Anthropic, holds contractual rights to terminate agreements potentially worth $120.5 billion with just 90 days’ notice beginning next year.
The contrasting terms emerged from separate regulatory disclosures on Monday, highlighting how AI infrastructure providers can face longer financing commitments than the revenue contracts supporting their computing operations.
According to Anthropic’s IPO prospectus, the Claude developer entered into and amended multiple arrangements with SpaceXAI between May and October 2026. The agreements provide access to Nvidia GPU-powered computing capacity through 2029.
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Anthropic expects aggregate payments of approximately $3.1 billion monthly once the contracted capacity is fully delivered, which it anticipates in December 2026.
The arrangements initially restrict cancellation through January and March 2027, depending on the agreement. After those periods, either party can terminate with 90 days’ written notice.
SpaceX commits to five-year chip financing
Separately, SpaceX disclosed a binding commitment for an approximately $40 billion master finance lease involving an entity managed by Apollo Global Management. Under the arrangement, the Apollo-managed entity would acquire Nvidia GPUs and associated equipment, leasing them to SpaceX for approximately five to five-and-a-quarter years.
SpaceX expects to make approximately $40 billion in principal payments, excluding financing charges and other expenses. Payments would be made quarterly, with equipment deliveries beginning in the first half of 2027.
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What’s interesting is the company disclosed Monday that its $40 billion artificial intelligence chip financing arrangement remains subject to pricing and closing conditions before year-end, despite CEO Elon Musk’s announcement a day earlier that the company had completed a debt deal of the same size.
Larger agreement with limited revenue guarantees
The newly disclosed $120.5 billion ceiling exceeds the $84.5 billion potential spending previously reported by Reuters on September 29 by $36 billion.
SpaceX’s June IPO prospectus previously described an Anthropic agreement carrying monthly payments of $1.25 billion.
Anthropic’s own financial position adds another dimension. It reported $16.3 billion in first-half revenue and a $693 million operating loss, alongside an $80.7 billion net loss largely driven by noncash financing-related valuation adjustments.
The company intends to list on Nasdaq under the proposed ticker ANT, although its IPO pricing and offering size remain undetermined.
For SpaceX, the distinction between potential multiyear contract values and enforceable minimum payments remains material as it expands infrastructure financed through longer-term obligations.
