xAI, now a subsidiary of SpaceX after the February merger, has signed massive capacity deals with Anthropic and Google. The Anthropic agreement grants access to the older Colossus 1 data centre in Memphis, lifting the peak‑hour usage caps that plagued its Claude service. This partnership channels billions of dollars of revenue directly into the entity slated for an IPO and strengthens its balance sheet.

The Anthropic deal ramps to $1.25bn per month for 300 MW of power, roughly 220 k GPUs, while Google pays about $920 million monthly for 110 k GPUs. Both contracts include 90‑day cancellation rights after an initial lock‑in. At that scale, operating costs—electricity and fuel—represent under 2 % of revenue, leaving ample margin for xAI, making the contracts exceptionally lucrative for the subsidiary.

xAI’s rapid construction record—Colossus 1 rose in 122 days—gives it an edge over traditional hyperscalers still wrestling with multi‑year builds. Leasing idle GPUs to rivals turns surplus capacity into cash flow, but also diverts compute from its own Grok model. The arrangement blurs the line between frontier AI lab and data‑centre REIT, shaping the upcoming SpaceX IPO and may influence valuation metrics.