SpaceX Targets $100 Billion Revenue via AI Cloud Leasing

Space Exploration Technologies Corp. is diversifying its revenue streams by transitioning its AI infrastructure into a commercial cloud leasing business. The company is renting capacity from its Colossus supercomputers to external clients, including Anthropic, Google Cloud, and Reflection AI, Inc. These partnerships include a recent AI hosting agreement worth approximately $13 billion annually.

CFO Bret Johnsen stated the company is on track for a $100 billion annual run rate by the end of 2026, later noting he has "even more conviction" regarding this target. This shift follows a mid-June IPO at $135 per share, which brought the company's market capitalization to approximately $1.75 trillion, though leadership aims to drive that valuation toward $3 trillion.

Financial performance remains mixed across segments. While Starlink provided $7.5 billion in revenue through June 30, 2026, and the AI segment recently flipped to positive adjusted EBITDA, the AI division reported a $1.3 billion loss in the latest quarter. This loss offset $1.1 billion in combined operating income from the rocket and Starlink businesses. Additionally, the company generated negative $25 billion in free cash flow during the first half of 2026, leading analysts to warn of high capital intensity and potential dilution risks.