SpaceX's Hidden $81 Billion AI Business, and 6 Deals the Compute Ledger Missed

TL;DR

• This week's sweep of the AI Compute Deal Ledger added 7 rows and roughly $130 billion of binding value, none of it announced this week. Every one of these deals was already public; they were simply missing from the dataset until now.
• The single biggest miss: SpaceX is running an $81 billion AI compute business inside its Colossus data centers, three separate deals with Google ($30B), Anthropic ($45B) and Reflection AI (up to $6.3B) that most coverage treats as a rocket company's side hustle.
• TeraWulf's $19 billion, 20-year Anthropic lease and Galaxy Digital's CoreWeave lease (now 526 MW, at least $15 billion) both predate this ledger by more than a year and had never been logged.
• The Financial Times reported that Nvidia is the previously undisclosed tenant behind Hut 8's $19.6 billion Beacon Point campus. Neither company has confirmed it, so I have logged the report and left the tenant field alone.
• The running binding total is now $757 billion on 8.67 GW, up from $627 billion and 7.21 GW at launch five days ago. Several more candidates, including a $1.2 billion Hyperscale Data deal and Sharon AI's other contracts, are still unverified and sit in the public queue.

The Board

Seven rows, none of them news this week. This was a catch-up pass.

How Did SpaceX End Up With an $81 Billion AI Business?

It bought one. SpaceX merged with xAI in February 2026 at a combined valuation of $1.25 trillion, and the Colossus data centers came with the deal. It has been renting that capacity out ever since, to three of the biggest names in AI, for sums that rival what it makes launching rockets and running Starlink combined.

Anthropic signed first, on May 6. It pays $1.25 billion a month for the entire compute capacity of Colossus 1 in Memphis, roughly 220,000 Nvidia GPUs, through May 2029. Call it $45 billion over three years.

Google followed on June 5 at $920 million a month for 110,000 GPUs at the newer Colossus 2 site, close to $30 billion through June 2029. Either side can walk after this year on 90 days' notice, which is worth remembering before treating the full figure as committed. Then Reflection AI, a $25 billion-valued open-source lab backed by Nvidia, signed on June 22: a fixed $150 million a month through the end of 2029, up to $6.3 billion, for priority access to Nvidia's newest Blackwell Ultra chips inside Colossus 2.

None of this was broken out in SpaceX's own first earnings report. That disclosed a $2.56 billion AI segment for the quarter, more than triple the prior quarter, with no customer names attached. All three are now in the ledger by name.

You will notice none of the three carries a megawatt figure. SpaceX prices these as fully managed GPU rentals, so dividing the dollars by the site's disclosed power draw gives you a $/MW number that looks absurd next to a real estate lease like the two below. Chip counts are the only unit these three deals can be compared on.

The Two Leases That Predate the Ledger by a Year

TeraWulf's $19 billion, 20-year lease with Anthropic at the Justified Data Campus in Hawesville, Kentucky, 401 MW of critical IT load, was announced back on July 6, weeks before this ledger existed. It only surfaced this week because the company's Q2 earnings release restated it, and the ledger's EDGAR watcher flagged the filing. Anthropic holds two five-year renewal options on top of the base term.

Galaxy Digital's deal with CoreWeave is older still. It dates to March 2025 and has grown in three separate tranches, never announced together, to 526 MW of critical IT load at the Helios campus in West Texas. Galaxy now describes the 15-year lease as generating more than $1 billion of average annual revenue. I have logged that as a $15 billion floor over the term, which is deliberately conservative: it takes the average at face value and assumes no escalators. Phase I (133 MW) has been paying rent since Q2 this year. Phase II (260 MW) ramps in 2027, financed partly by a $3.5 billion bond sale that priced in late July.

Neither of these was hard to find. They were just old. A deal signed a year ago and never re-announced never shows up in a news sweep, because there is no news. Catching it means going back through the filings, which is the second pass, and this was the second pass.

Who Is Actually Renting Hut 8's Texas Campus?

We don't know.

The Financial Times says Nvidia. It reported that on July 28, citing five people familiar with the matter. Reuters could not independently verify it. Hut 8 has not confirmed it. Nvidia has not confirmed it.

That is not enough for me to change the dataset, so the buyer field on both Beacon Point rows still reads undisclosed investment-grade tenant, with a dated note pointing at the FT story. Maybe that is overly conservative. The FT does not usually get this wrong, and I would be unsurprised to be renaming the tenant in a month. But a single-sourced report that both companies have declined to confirm is a lead, not a fact, and the whole value of a dataset like this is that its rows mean the same thing.

For the record, the campus is the 1 GW Texas site, worth $19.6 billion over the base term and up to $50.2 billion if every renewal is exercised. It has carried an undisclosed tenant since May.

What's Still Blocked

Four things I found and left out.

Hyperscale Data (GPUS), a thinly covered small-cap, signed a 10-year deal worth "in excess of $1.2 billion" for 20 MW of AI compute in Michigan. That headline number leans on renewal and expansion options that nobody has exercised and the company did not break out from the base term. I would not describe that as a $1.2 billion contract, so it sits in the queue.

Sharon AI's other announced contracts, an ESDS Software Solutions deal worth $1.25 billion and roughly $2.3 billion more across two further agreements, have the same problem as the $373 million deal that did get in this week: real 8-Ks, no tier-1 coverage to check them against. Iron Mountain's 75 MW of hyperscaler leases signed after its Q2 close have no named counterparty. And the reported $500 billion Nvidia-SK Hynix memory framework is a letter of intent, which is a different thing from a signed contract and gets no row here.

All four are written up on the methodology page with the specific blocker attached, so if one of them clears later you can see what changed.

The One-Line Read

That $130 billion needs some context. The market did not sign another $130 billion of AI compute this week. Most of that figure is deals that were already sitting in filings and old announcements, and only reached the dataset now.

Which is roughly why I am building this by hand. The total that trends on a Friday is usually less interesting than what is underneath it.

Sources: primary company filings and press releases from TeraWulf, Galaxy Digital, Sharon AI, Core Scientific, AMD and SpaceX/xAI, cross-checked against CNBC, Bloomberg and the Financial Times where cited above. Every figure links to its row in the full ledger, browsable per company on pages like SpaceX's entity record, TeraWulf's and Galaxy Digital's.