Dubai, UAE — SpaceX has signed a multi-year cloud services agreement with Alphabet’s Google, securing a major customer for its artificial intelligence computing business ahead of the company’s expected U.S. stock market debut next week.
Under the deal, Google will pay SpaceX $920 million per month from October 2026 through June 2029, according to a regulatory filing released on Friday. The agreement includes access to approximately 110,000 Nvidia graphics processing units (GPUs), along with CPUs, memory and related infrastructure needed for large-scale AI workloads.
The contract follows a recently announced agreement with AI startup Anthropic and adds momentum to SpaceX’s efforts to expand beyond its core space and satellite businesses into the fast-growing market for AI computing services.
The company said the arrangement would support Google’s growing demand for computing power used to train and operate advanced AI models while providing SpaceX with a significant recurring revenue stream as it seeks to raise $75 billion in its initial public offering.
AI infrastructure race drives spending surge
The agreement comes as demand for AI computing capacity continues to outstrip supply globally, prompting technology companies to commit hundreds of billions of dollars to data centres, chips and cloud infrastructure.
Research firms estimate that hyperscale cloud providers and AI companies will collectively spend more than $350 billion on capital expenditures in 2026, up sharply from levels seen just three years ago. Much of that investment is directed toward Nvidia’s high-end GPUs, which have become the industry standard for training large language models and generative AI systems.
Google, Microsoft, Amazon and Meta have all accelerated investments in AI infrastructure as competition intensifies. Industry analysts estimate that a single frontier AI model can require tens of thousands of GPUs and consume computing resources worth hundreds of millions of dollars during training.
The market for AI infrastructure services has also become increasingly concentrated. Nvidia controls the overwhelming majority of the market for advanced AI accelerators, while a small group of cloud providers account for most global AI computing capacity. This has encouraged new entrants to build dedicated AI cloud businesses aimed at serving startups and enterprise customers unable to secure sufficient capacity from traditional providers.
SpaceX’s move reflects a broader trend of companies seeking to monetise large-scale computing assets. Investors have increasingly rewarded firms able to demonstrate exposure to the AI boom, particularly those generating recurring revenues from cloud and infrastructure services rather than relying solely on hardware sales.
The addition of Google and Anthropic as customers could strengthen SpaceX’s investment case by highlighting demand for its computing platform at a time when public market investors are closely scrutinising AI-related revenue opportunities and long-term infrastructure growth prospects.
