SpaceX Near-Term AI Gains Seen in Terrestrial Compute, Not Orbit

Wall Street now views SpaceX’s immediate AI upside as driven by terrestrial data-center contracts rather than orbital plans. The company has secured three major AI compute deals with Anthropic, Google Cloud, and Reflection AI that are projected to generate more than $28 billion in annualized revenue. These contracts, which began with Reflection AI on June 22 and expanded through early July, more than double SpaceX’s 2025 revenue base. While SpaceX unveiled its Starmind orbital AI constellation on July 6 with deployments targeted for 2028, analysts emphasize that near-term monetization will come from Earth-based Nvidia GB300 capacity scaling to 9 gigawatts by 2029.