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SpaceX Is Renting Out Its Nvidia Chips to Google for $920 Million a Month

SpaceX has signed a $920 million per month deal with Google, running from October 2026 to June 2029 and potentially worth around $30 billion in total, granting Google access to approximately 110,000 Nvidia AI chips to support its Gemini Enterprise agent platform. The agreement comes ahead of SpaceX's IPO, where Google — which holds a roughly 5% stake — stands to benefit from a strong debut. SpaceX has also secured a separate $1.25 billion monthly deal with Anthropic, positioning itself as a major AI infrastructure provider by leasing out computing capacity originally built for Musk's own xAI lab.

SpaceX has signed a contract with Google worth $920 million per month, according to an SEC filing. The deal covers October 2026 through June 2029, which works out to roughly $30 billion over its lifetime. In exchange, Google gets access to around 110,000 Nvidia AI chips to handle overflow demand. A Google Cloud spokesperson described it to the New York Times as a short-term bridge arrangement to shore up capacity for its Gemini Enterprise agent platform. Which is a polite way of saying Google needs more chips than it currently has.

The timing is not subtle. SpaceX is heading into an IPO next week at a rumoured valuation north of $1.7 trillion. Google owns around five percent of the company, so it has a financial interest in SpaceX looking healthy and busy going into that debut. A $920 million monthly contract certainly helps with appearances.

This is the second major compute deal SpaceX has announced recently. It previously locked in a $1.25 billion monthly agreement with Anthropic. Taken together, the company is quietly repositioning itself as an AI infrastructure business, renting out serious GPU capacity to some of the biggest names in the industry.

The backstory here is worth noting. Musk originally accumulated this compute capacity for his own AI venture, xAI. That bet has not exactly paid off the way he probably hoped, with xAI struggling to keep pace with OpenAI and others. Rather than sit on expensive idle hardware, SpaceX is monetising it. Whether that counts as strategic pivoting or just making the best of a disappointing situation probably depends on who you ask.