Is This Asset the Secret to SpaceX's Success? (Hint: It Has Nothing To Do With Space or Starlink)

There's never been a company like Space Exploration Technologies (NASDAQ: SPCX) before.

While investors might refer to SpaceX as a space stock, it's really three businesses rolled into one.

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There's the core space business, which includes the reusable Falcon 9 rocket booster, the first rocket to ever land itself, and Starship, the biggest launch vehicle ever made, designed to carry more than 100 metric tons and eventually more than 100 people to the moon and Mars. Starship is currently being used for test flights, rather than full missions.

The current driver of the business is the connectivity segment, or Starlink, the satellite internet business SpaceX developed in-house. Starlink currently generates the majority of the company's revenue and is profitable on a stand-alone basis.

Finally, there's the AI business, which came to the company through its merger with xAI, Elon Musk's AI company that owns the X social media platform and the Grok AI chatbot, earlier this year. Due to the large infrastructure expense to power the AI engine, including building data centers, investing in R&D, and acquiring GPUs, xAi is losing billions of dollars a year.

Why SpaceX could be turning a corner

SpaceX's most recent quarterly result wasn't encouraging. In the first quarter of 2026, revenue growth slowed to just 15.4%, reaching $4.7 billion in revenue, and it reported an operating loss of $1.9 billion, compared to a profit of $27 million in the quarter a year ago, which reflects the addition of xAI.

However, SpaceX's revenue is set to soar. Since the quarter ended, the company has announced two deals to rent computing infrastructure, which will significantly boost its revenue.

First, the company signed a deal with Anthropic, allowing it to use all of the computing capacity at its Colossus 1 data center, which is equivalent to more than 300 megawatts or 220,000 Nvidia GPUs.

As a result, Anthropic will pay approximately $1.25 billion a month, or about $15 billion a year, through May 2029, making it one of the largest AI cloud infrastructure deals to date. Shortly after that, SpaceX announced a similar agreement with Alphabet, renting computing capacity to Google for $920 million per month for 32 months through October 2029, with access to 110,000 Nvidia GPUs. Alphabet is also a major investor in SpaceX as well. Those agreements alone will bring in about $26 billlion in new revenue, more than double from the $18.7 billion it brought in in 2024. On Monday, The Wall Street Journal reported that Reflection AI would pay SpaceX $150 million a month for compute capacity.