SpaceX (SPCX) Commits Over $74 Billion to AI Supercomputing Buildout

$74 Billion Across Texas and Arizona

SpaceX (SPCX) set out its compute expansion on November 12: a plan to spend more than $74 billion building two artificial intelligence supercomputing facilities, one in Texas and one in Arizona. The allocation puts upwards of $24 billion into the Starbase site in Texas and roughly $50 billion into a proposed campus in Cochise County, Arizona. The Texas facility is designed to generate its own electricity rather than rely on the public grid, and the company expects more than 500 long-term positions there alongside about 1,000 in Arizona. The Arizona project carries the heavier permitting burden. The county's development application shows a 747-acre site with up to nine computing buildings and estimated power demand of 6 gigawatts at full operation. County approval is required, and opposition is organized: a petition asking officials to reject the permit has drawn more than 2,400 signatures, according to local reporting. SpaceX has told the county it will install 24 gigawatt-hours of battery storage so the build does not strain the local grid, and that cooling will not draw on industrial water. At a meeting the same day, Cochise County's Local Emergency Planning Committee, an advisory body, approved six recommendations covering fire protection, battery storage and emergency response capability, and called for stronger safeguards before development proceeds. The application faces its next county review on December 9, when officials will weigh the plan against the public opposition and the safety questions raised so far. Separately, SpaceX continues to develop Musk's concept of orbital data centers that would run beyond ground infrastructure.

Customer B and the Anthropic Contract

SpaceX's quarterly report filed with the Securities and Exchange Commission (SEC) shows how much of the business now rests on AI demand. The Super Intelligence segment, which spans computing services, software and advertising, booked $7.56 billion in revenue, about 52% of the quarter's $14.58 billion total, and turned an operating profit of $431 million after a $1.72 billion loss in the year-earlier quarter. Revenue, however, concentrates in a handful of large buyers. The filing discloses that a single customer, identified only as Customer B, accounted for 34.5% of third-quarter revenue; separate reporting identifies that customer as Anthropic. Anthropic's own amended SEC filing, submitted on November 10 ahead of its initial public offering, sets out the terms: a computing agreement with SpaceX.AI LLC worth up to $120.5 billion running through 2029. Monthly payments are projected to reach about $3.1 billion once all contracted capacity is delivered, a milestone currently expected in December. Once the initial non-cancellable periods end in January and March 2027, either party may terminate on 90 days' written notice. Those terms moved to the center of the story on November 11, when unverified claims circulated that Anthropic might not extend the deal beyond mid-2027. Musk answered on X: “We would be happy to take the compute back. No problem. But I think the opposite is going to happen.” The speculation surfaced as Anthropic prepares to go public. Its November 10 registration proposes selling 825 million shares at $70 to $78 apiece, $57.75 billion to $64.35 billion before underwriting fees, with trading on Nasdaq under the ticker ANT expected to start on November 19 once the offering completes. AMD, Broadcom, Google, Microsoft, NVIDIA and TSMC have separately agreed to buy $26 billion of stock at the offer price. Venture investor Chamath Palihapitiya has argued that tighter supply strengthens SpaceX's negotiating hand; Musk has conceded that cheaper, more abundant compute could cut revenue.

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