Anthropic's prospectus shows its relationship with SpaceX (SPCX) is larger than the original agreement described in SpaceX's S-1, with maximum compute spending of $120.5 billion through 2029. Aggregate monthly fees of about $3.1 billion, expected in December once all capacity is delivered, are almost 2.5 times the $1.25 billion a month for roughly 325,000 Nvidia GPUs disclosed earlier. EvercoreISI analyst Kutgun Maral estimates that at full run rate, Anthropic could account for 25% to 28% of SpaceX's first-quarter 2027 revenue guidance, and says this is not a near-term revenue risk but raises questions about dependence on a single customer. Anthropic's first-half 2026 revenue rose to $16.3 billion from $1.1 billion, while it posted an $80.7 billion net loss. It could list before the end of November, with a reported valuation of $1.5 to $2 trillion.
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