Revenue mix shifts
Elon Musk said government contracts will account for less than 10% of SpaceX's revenue this quarter, down from 16.6% previously.
AI compute becomes the main driver
Most of the company's revenue now comes from renting out AI computing capacity. That marks a shift for SpaceX from a pure rocket and satellite business toward data center and infrastructure work.
Anthropic is the largest customer
According to Musk, Anthropic is SpaceX's biggest compute customer. However, Anthropic has the right to exit the arrangement from early 2027, highlighting a concentration risk in SpaceX's revenue base.
Why it matters
Reduced reliance on government contracts points to a more commercial revenue model for SpaceX. At the same time, compute revenue tied to a single large customer makes the company's finances sensitive to that customer's decisions.
