Bloomberg says Anthropic is SpaceX’s largest customer at 34.5% of third-quarter revenue

Bloomberg reported on Oct. 29, 2026 that Anthropic is SpaceX’s largest customer, representing 34.5% of third-quarter revenue and placing the company ahead of the U.S. government, according to a person familiar with the matter. SpaceX finished its third quarter on Sept. 30, 2026, marking its initial full quarter trading as a listed company. The company’s third-quarter 2026 revenue reached $14.575 billion, compared with $5.576 billion one year earlier, and net income totaled $4.404 billion.

SpaceX filed its Form 10-Q with the SEC on Oct. 22, 2026, and the filing listed two customers above 10% of revenue without naming either one, identifying one as Customer B, a buyer of computing capacity from SpaceX’s artificial-intelligence division. Customer B was below the 10% reporting threshold in the same quarter of 2025. Neither SpaceX nor Anthropic has publicly confirmed that Anthropic is Customer B, and Anthropic declined to provide comment while SpaceX did not answer Bloomberg’s request.

The filing identified the client only as Customer B, and Bloomberg’s report relied on an unnamed person familiar with the matter. Customer B’s revenue appears entirely in SpaceX’s SI segment, which rents out data-center capacity and generated $7.56 billion in the quarter. A second client, Customer A, operated across all three SpaceX segments and contributed 16.6% of third-quarter revenue.

SpaceX’s cloud contracts carry a fixed monthly fee and typically run for three years, with either party able to end them on 90 days’ notice. Following initial periods concluding in January and March 2027, both Anthropic and SpaceX may end the computing agreements on 90 days’ notice. Anthropic’s S-1 filing details contracts to buy Nvidia GPU-based computing capacity from SpaceX worth up to $120.5 billion through 2029, with expected payments of roughly $3.1 billion monthly after full delivery.

GPU refers to graphics processing units, the processors used to train and run artificial-intelligence models. Anthropic leases computing power from SpaceX facilities in Memphis, Tennessee. SpaceX’s artificial-intelligence unit produced $7.6 billion in revenue primarily by leasing computing capacity to developers, among them Anthropic, and the division recorded its first-ever profit in the prior quarter as revenue increased 161%.

SpaceX’s quarterly capital spending totaled about $19.6 billion, and AI-related outlays accounted for $16.4 billion of that amount. Google pays SpaceX about $920M a month for computing power. Elon Musk wrote on X that debt markets have almost entirely closed off funding for companies without meaningful revenue apart from AI data centers.

“Debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers,” Musk wrote. Anthropic committed in May 2026 to pay SpaceX $1.25 billion monthly through May 2029, while capacity ramped up during May and June at a reduced rate.

At the full rate, Anthropic could account for around $3.75 billion of quarterly revenue, more than double SpaceX’s total cloud services revenue for the second quarter. SpaceX’s revenue from AI solutions and infrastructure jumped to $2.2 billion in the second quarter, up from $475 million in the previous quarter and $311 million a year earlier. Cloud services, which SpaceX began offering in the second quarter, accounted for $1.6 billion of that AI revenue.

Starlink’s subscriber base reached 12.0 million by the end of June 2026, double the total from a year earlier, while average revenue per user, or ARPU, stood at $66 monthly in the second quarter. The $66 monthly average revenue per user held steady from the first quarter but trailed $85 from the previous year, with SpaceX’s quarterly report citing international expansion and cheaper plans as the main causes. SpaceX increased Starlink prices in May 2026 for most American residential and Roam plans by $5 to $10 monthly, with current customers paying higher rates starting on or after June 18.

Bret Johnsen addressed the trend, saying, “While our geographic expansion may drive down blended ARPU over time, we anticipate continued subscriber momentum to deliver strong revenue growth.” Anthropic publicly filed for its initial public offering on Oct. 26, 2026, seeking a Nasdaq listing under the symbol ANT, though pricing terms remain undisclosed.

The company has more than 11,900 enterprise clients generating at least $100,000 each in trailing annual revenue, and Anthropic told prospective investors that its third-quarter revenue reached $16.8 billion, up 45% sequentially, and stated it achieved adjusted profitability during the quarter. The company committed at least $518 billion over ten years to cloud, computing, and infrastructure projects.

Reuters reported potential Anthropic IPO pricing of up to $1.5 trillion while other reporting discussed $2 trillion, and annualized third-quarter revenue of $67.2 billion implies sales multiples of about 22x or 30x. SpaceX’s price-to-sales ratio exceeds 100x. After the earnings release, as many as 1.3 billion additional restricted shares may become tradable on the second full trading day thereafter.

SpaceX shares traded around $152, roughly 13% above the $135 IPO price and approximately 32% below the 52-week peak of $225.64, according to the October 3 report. Its S-1 filing details contracts to buy computing capacity from SpaceX.