SpaceX Targets $1 Trillion Revenue via AI Compute Rentals

Space Exploration Technologies Corp. is targeting $1 trillion in annual revenue by 2030, with the majority of that growth driven by its AI segment and the rental of compute capacity. To support this expansion, the company plans to increase its compute capacity to nearly 10 gigawatts by the end of 2027 and deploy AI satellites into orbit using its Starship rocket to enable cost-effective low Earth orbit data centers.

CFO Bret Johnsen recently announced a new AI compute contract worth approximately $1.11 billion per month, or over $13 billion annualized, scheduled to begin in December. While the client for this specific deal remains undisclosed, the company has already secured contracts with Alphabet, Anthropic, and Reflection AI. Johnsen reported that new capital deployments for compute are seeing payback periods of less than one year.

Despite these gains, the company remains unprofitable and carries a high forward price-to-earnings ratio of 204, though AI revenue reached $2.6 billion in the second quarter. While CEO Elon Musk maintains the $1 trillion goal, Wall Street analysts offer a more conservative projection, estimating AI-related revenue of $530 billion by 2031 and total revenue of $650 billion when including Starlink and launch services.