Anthropic is SpaceX’s largest customer, according to a Bloomberg report relayed by The Next Web on October 29. SpaceX’s latest filing, as that account describes it, said about 34.5% of the company’s quarterly revenue came from one client identified only as “Customer B.” Bloomberg, citing a person familiar with the matter, reports that the client is Anthropic. Neither company has confirmed it: Anthropic declined to comment and SpaceX did not respond to Bloomberg, The Next Web says.

The report matters because it ties one of the most closely watched AI developers to the rocket and satellite company’s fast-growing computing business. Lens could not open Bloomberg’s story or SpaceX’s quarterly filing. This account combines The Next Web’s summary with SpaceX’s own earnings release, summaries of Anthropic’s and SpaceX’s earlier IPO filings, and other reporting.

What SpaceX reported

SpaceX’s third-quarter results, published on October 20, show revenue of $14.6 billion, up 161% from $5.6 billion a year earlier. Income from operations was $2.8 billion and net income was $4.4 billion, compared with a net loss of $1.1 billion a year earlier. The company says the growth was fueled by its Super Intelligence segment, which was previously reported as artificial intelligence, and by faster growth in its Connectivity business.

Super Intelligence revenue was $7.56 billion, up 195% from the previous quarter and 830% from a year earlier, which is about 52% of the total. The release attributes the increase mainly to the start of new cloud services agreements, the acquisition of Cursor and wider use of the Grok chatbot. Of the segment’s revenue, $7.02 billion came from solutions and infrastructure and $538 million from advertising. Connectivity, the segment that includes Starlink, brought in $5.25 billion, up 69%, and the Space segment $1.77 billion.

The segment earned $431 million from operations after a loss of $1.26 billion in the second quarter and $1.72 billion a year earlier. That figure includes $1.2 billion in share-based compensation tied to the Cursor deal, which closed on August 14 at an implied equity value of $60 billion. Cursor contributed $608 million of revenue between closing and September 30.

The release does not name Anthropic or any other customer. Net income exceeded operating income after the statements’ other items: interest income of $873 million, other income of $1.03 billion and a tax benefit of $390 million outweighed interest expense of $675 million.

The contracts behind the revenue

SpaceX’s May 2026 IPO filing, as quoted on Simon Willison’s blog, describes cloud services agreements with Anthropic PBC for compute across its Colossus and Colossus II sites. It says the customer agreed to pay $1.25 billion a month through May 2029, with a reduced fee while capacity ramped up in May and June, and that either side may end the agreements on 90 days’ notice.

Anthropic’s own IPO filing, made public on October 26, gives larger numbers. The Next Web and Crypto Briefing both report that it shows Anthropic could spend up to $120.5 billion on computing from SpaceX.AI LLC, formerly X.AI LLC, under agreements signed and amended between May and October 2026 and running into 2029. Crypto Briefing says the capacity is built on Nvidia chips and that, once all of it is delivered, which Anthropic expects in December 2026, payments are about $3.1 billion a month. The Next Web gives the same monthly figure, starting in December, and says the capacity sits in SpaceX’s data centers in Memphis, Tennessee.

Both outlets stress that $120.5 billion is a ceiling, not guaranteed spending. Crypto Briefing reports that the initial non-cancelable periods end in January 2027 and March 2027, after which either party can terminate on 90 days’ written notice. It adds that Anthropic’s agreements with Google and Amazon, by contrast, can be cancelled only for an uncured material breach. It lists Microsoft, Nscale and Lambda as other suppliers of Nvidia-based capacity.

The Next Web also reports, as part of the Bloomberg account, that SpaceX rents computing power to Google, which pays about $920 million a month. Lens found that figure only in that report.

The numbers do not line up neatly

Lens analysis: the figures Lens could open do not reconcile on their face. If Customer B accounted for 34.5% of SpaceX’s $14.6 billion in third-quarter revenue, the customer’s share would be roughly $5.0 billion, which compares with $7.02 billion of solutions and infrastructure revenue and with about $3.75 billion for a full quarter at the $1.25 billion monthly rate in SpaceX’s May filing. The filings describe agreements that were amended after May, and the fee schedule and quarter dates may explain the gap, but the sources do not say so.

The label itself is also unconfirmed. The Next Web says the filing described the client as a buyer of computing power from the AI business, and that Bloomberg’s identification of Anthropic rests on one unnamed person. If the identification is right, the report says, Anthropic is a larger customer than the U.S. government, which has long been SpaceX’s main source of income.

SpaceX’s spending on capacity

SpaceX reports that its nameplate compute reached 1.7 gigawatts on September 30, up from 1.4 gigawatts at the end of June and 0.6 gigawatts a year earlier, as it continued building Colossus II. Capital spending was $19.6 billion in the quarter, of which $16.4 billion went to the Super Intelligence segment, and $48.1 billion over nine months, with $40.0 billion in that segment. Cash and equivalents were $51.3 billion at the end of September.

CNBC reports that SpaceX closed $40 billion of debt financing to buy GPUs, according to Chief Executive Elon Musk. Reuters, in a report carried by The Star, says an affiliate of Apollo Global Management will buy AI chips and server hardware and lease them to SpaceX, in a deal with about $40 billion in total principal payments.

The Next Web reports that Musk has argued SpaceX’s Starlink and launch businesses make it safer than so-called neoclouds, companies that rent out AI computing, when lenders pull back. On X, it says, he wrote that debt markets have almost entirely shut off access to money for companies without substantial revenue outside AI data centers. The CFO commentary in the release says the company aims to keep what it calls a robust, investment-grade balance sheet.

Concentration risk on both sides

The Next Web says the 90-day cancellation right after early 2027 leaves SpaceX heavily exposed to a single client. The same exposure runs the other way. The Financial Times reported, according to TechCrunch on October 30, that Blackstone expects Anthropic to receive a rating in the BB range, the highest tier of speculative-grade debt, after its IPO. A lower rating would make financing costlier, TechCrunch says.

CNBC reports that Anthropic has said it historically operated with less compute than it wanted and that it sought more capacity from cloud providers than they were willing to provide. Lens analysis: for a company in that position, a flexible contract with a new supplier is a way to add capacity quickly, while for the supplier a customer that can leave on 90 days’ notice is a risk to the capacity it is building.

The Memphis-area complex is also the subject of litigation. A federal judge allowed an NAACP Clean Air Act lawsuit over turbines that power xAI’s data centers in the Greater Memphis area to proceed, CNBC and TechCrunch report. The sources Lens opened do not say which customers’ workloads those turbines support.

What to watch

Several dates are set by the filings. Anthropic expects all contracted SpaceX capacity to be delivered in December 2026, according to Crypto Briefing, and the non-cancelable periods end in January and March 2027. Anthropic’s IPO price has not been set. SpaceX’s next quarterly filing is likely to show whether customer concentration rises or falls as the Google and other agreements take effect, though the sources do not give a date for it.

Until SpaceX or Anthropic confirms the identity of Customer B, the report remains Bloomberg’s account of what an unnamed source said. The contract numbers from the two IPO filings are better documented, but Lens relied on summaries of them rather than the filings themselves.

Sources

Image: SpaceX Headquarters, Hawthorne, CA.jpg by SpaceX, CC0, via Wikimedia Commons. Illustrative photo; it does not show the events described.