SpaceX just locked in a deal with Google worth $920 million per month for AI compute capacity, running from October 2026 through June 2029. If the contract runs its full course, that’s roughly $30 billion in total revenue for Elon Musk’s rocket company, which has quietly become one of the largest GPU landlords on the planet.
The arrangement, disclosed in an SEC filing dated June 5, 2026, gives Google access to approximately 110,000 NVIDIA GPUs along with associated CPUs, memory, and supporting infrastructure. The hardware is housed primarily in SpaceX’s data centers, which absorbed xAI’s compute assets after SpaceX acquired the AI company back in February 2026.
From rockets to racks: how the deal works
The structure is straightforward. SpaceX owns the GPU infrastructure. Google rents it. Google retains intellectual property rights over its data and models, meaning this is a pure compute-as-a-service arrangement rather than a joint venture.
There’s a ramp-up period baked into the contract. Google will gradually increase utilization at a reduced fee until full capacity kicks in at the $920 million monthly rate starting October 2026. Either party can walk away with 90 days’ notice after December 31, 2026.
