$920 million a month. That’s what Google agreed to pay a rocket company for computing capacity, and the terms are now public record.
SpaceX’s Form S-1 Amendment No. 2, filed with the SEC on June 5, 2026, discloses a cloud services agreement under which Google (Alphabet) will pay $920 million per month for access to approximately 110,000 Nvidia GPUs, CPUs, and related memory. The agreement runs at full rate from October 2026 through June 2029, 33 months at that rate totals approximately $30.4 billion in contracted value. A ramp-up period covering June through September 2026 exists at a reduced fee, though the specific amount is redacted in the filing.
The contract has teeth. If SpaceX fails to deliver access to the agreed GPU count by September 30, 2026, Google may terminate the agreement after a one-month grace period, or elect to accept available capacity at a pro-rata reduced rate. According to TechCrunch’s reporting on the filing, both parties also hold 90-day termination rights after December 31, 2026, a bilateral exit clause that limits the deal’s lock-in risk on either side.
Google Cloud has characterized the arrangement publicly. A company spokesperson described it as “bridge capacity to meet surging customer demand for our agent platform, Gemini Enterprise, which has been even higher than we expected.” That framing is a vendor characterization, not an independently filed claim, and it’s worth holding at arm’s length, Google has commercial reasons to frame a $30 billion commitment as a temporary bridge rather than a structural dependency.
The financial backdrop matters here. SpaceX’s AI segment generated $818 million in revenue in Q1 2026 while recording approximately $2.5 billion in operating losses, per the same S-1 filing. The company reportedly allocated approximately $7.7 billion in capital expenditure to AI infrastructure in Q1 2026, according to the filing, though that figure hasn’t been independently cross-referenced through available sources. The Google deal, alongside a previously disclosed $1.25 billion per month agreement with Anthropic, puts SpaceX’s committed monthly compute revenue at roughly $2.17 billion before any additional customers.
This is the third major compute agreement disclosed from the same S-1 filing window. Prior TJS coverage established the Anthropic deal and a reported $60 billion Cursor option structure. The Q1 financial picture, $2.47 billion in operating losses against $818 million in revenue, was reported here in May. The Google agreement is the newest piece of that picture, and the most commercially significant.
What to Watch
Verification
Partial SEC S-1 (root-domain citation, article path unresolved); TechCrunch and CNBC cross-reference corroboration for core deal terms $1.75T valuation and $7.7B capex figures not independently cross-referenced, qualified language appliedThe catch is timing. SpaceX disclosed this deal one week before its targeted June 12 Nasdaq debut. IPO prospectuses are designed to present the business in the most favorable light permissible under securities law. Contracted future revenue is real, but contracted revenue from a 33-month lease with bilateral termination rights and a September delivery deadline is not the same as booked revenue. Investors pricing a reportedly $1.75 trillion valuation, a figure attributed to prospectus materials but not directly corroborated in available cross-reference data, are pricing the contracted pipeline, not audited performance.
Watch the September 30, 2026 GPU delivery deadline. That’s the first hard test of whether SpaceX can perform at the scale it’s sold. If Google exercises its termination right, the contracted revenue story changes immediately.