SpaceX (SPCX) stock rose more than 1% on Friday to around $149 after initially slipping, extending its recovery from this week’s decline as investors digested another major artificial intelligence compute agreement.
The latest contract could add $1.11 billion in monthly revenue beginning December 1, according to CFO Bret Johnsen, who disclosed the agreement at Goldman Sachs’ Communacopia + Technology Conference.
That translates to roughly $13.3 billion in annualized revenue from a single undisclosed customer, giving investors another reason to reassess SpaceX’s valuation as an AI infrastructure company.
SpaceX lands another major AI customer
Johnsen said SpaceXAI closed the new compute-hosting agreement in early September.
William Blair reiterated its Outperform rating on SpaceX following the announcement, noting that the $13.3 billion annualized agreement is separate from the $6.7 billion, six-month compute deal SpaceX disclosed during its August earnings call.
The latest contract marks the fourth major compute agreement announced by SpaceX over the past four months with annualized value exceeding $11 billion.
In May, SpaceX announced a $1.25 billion-per-month agreement with Anthropic.
The company followed that with a deal with Google in early June worth $920 million per month.
The rapid expansion of these contracts is changing how investors may view SpaceX’s revenue potential.
The company generated about $23 billion in revenue over the last 12 months, according to William Blair, while its market capitalization stands at roughly $2.01 trillion.
SpaceX has also guided toward $100 billion in annual recurring revenue by the end of 2026.
Johnsen indicated at the Goldman Sachs conference that the company has increased conviction in achieving that target by December.
“Bret Johnsen, SpaceX’s chief financial officer, indicated that he has even more conviction now in achieving the $100 billion ARR target in December,” William Blair analyst Louie DiPalma said.
SpaceX is also significantly increasing its planned AI compute capacity.
The company now targets between 5 and 10 gigawatts by the end of 2027, compared with its previous goal of 2 gigawatts by the end of 2026.
DiPalma believes SpaceX has an advantage in deploying capacity faster than competitors, while its relationship with Nvidia provides SpaceXAI with priority access to GPUs.
“SpaceX has benefited from its ability to deploy capacity much faster than peers,” DiPalma said.
Lockups remain an overhang
The AI momentum comes after a volatile week for SpaceX stock.
Shares fell around 3% on Wednesday after the company’s third scheduled lockup tranche released up to 319 million Class A shares, worth roughly $49 billion at recent prices.
Another 59.1 million affiliate shares were unlocked on Thursday.
The additional supply initially pressured the stock, but shares recovered modestly on Thursday and are now up 12% over the past 30 days.
Investors are still facing billions of dollars of additional shares becoming eligible for trading, which could create intermittent selling pressure.
By the end of 2026, roughly 4.9 billion SpaceX shares are expected to have become available for trading.
Investors have been cautious about buying ahead of potential profit-taking by early shareholders.
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