Google plans to pay SpaceX $920 million a month to rent AI server power. Big rent. SpaceX disclosed the deal in a regulatory filing one week before its planned IPO, the stock sale expected to raise record sums.
Google gets access to about 110,000 Nvidia AI chips, plus processors, memory and other parts inside SpaceX data centers. The deal runs from October 2026 through June 2029. The server power ramps up through September at a lower fee.
Google needs temporary server power
Google already owns a huge amount of AI hardware. Epoch AI estimates call it the world's largest single owner of AI computing power. Google told CNBC the SpaceX deal gives it a bridge for Gemini Enterprise, its AI service for large companies, after demand came in higher than expected.
SpaceX has another giant AI server customer too. Anthropic announced a deal for SpaceX's Colossus 1 server power. SpaceX later disclosed Anthropic cloud service deals worth $1.25 billion a month across two Colossus sites.
CNBC Google SpaceX AI server deal, Anthropic SpaceX server deal
The fine print matters
Google has an exit if SpaceX misses the delivery schedule. If SpaceX cannot deliver the promised chips by September 30, 2026, then after a one-month grace period Google can end the deal or take the ready server power at a lower fee.
Alphabet also gets a side benefit. It invested in SpaceX in 2015, when the company was reportedly worth $12 billion. SpaceX is now aiming to go public above $1.75 trillion, so Google is paying SpaceX while Alphabet still owns a piece of the company.
