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 the ledger logs the report without renaming the tenant.
• 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, zero of them new news. The ledger's job this week was catching up, not breaking anything.

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

The short answer: it merged with xAI in February 2026, at a combined valuation of $1.25 trillion, and inherited xAI's Colossus data centers along with it. Since then, SpaceX has been renting that capacity to three of the biggest names in AI, and the sums involved rival what the company makes launching rockets and running Starlink combined.

Anthropic signed first, on May 6, paying $1.25 billion a month for the entire compute capacity of Colossus 1 in Memphis, roughly 220,000 Nvidia GPUs, through May 2029. That is about $45 billion over three years. Google followed on June 5, agreeing to $920 million a month for 110,000 GPUs at the newer Colossus 2 site, worth close to $30 billion through June 2029, with an exit clause either side can use after this year with 90 days' notice. Then Reflection AI, a $25 billion-valued open-source lab backed by Nvidia, signed on June 22 for a fixed $150 million a month through the end of 2029, up to $6.3 billion, buying priority access to Nvidia's newest Blackwell Ultra chips inside Colossus 2.

None of this showed up in SpaceX's own first earnings report, which disclosed a $2.56 billion AI segment for the quarter alone, more than tripling the prior quarter, without spelling out which customers were paying for it. The ledger now carries all three by name, and the arithmetic is the reason each shows up without a megawatt figure: SpaceX prices these as fully managed GPU rentals, not bare power leases, so dividing the dollars by the site's disclosed power draw produces a number nobody would find credible next to a real estate lease like the ones below. Chip counts are the honest unit here, not megawatts.

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 relationship with CoreWeave is older still, dating to March 2025, and it has grown in three unannounced-together tranches to 526 MW of critical IT load at the Helios campus in West Texas, a 15-year lease Galaxy itself now describes as generating more than $1 billion of average annual revenue, which the ledger converts to a conservative $15 billion floor over the term. Phase I (133 MW) has been paying rent since Q2 this year; Phase II (260 MW) ramps in 2027, financed in part by a $3.5 billion bond sale that priced in late July.

Both gaps point at the same lesson: a deal that is a year old and never re-announced is exactly the kind of thing a headline-chasing dataset misses and a verification-first one is supposed to catch on the second pass, not the first.

Who Is Actually Renting Hut 8's Texas Campus?

Hut 8's Beacon Point campus, the 1 GW Texas site with a base-term value of $19.6 billion and up to $50.2 billion with every renewal exercised, has carried an undisclosed tenant since May. On July 28, the Financial Times reported, citing five people familiar with the matter, that the tenant is Nvidia. Reuters said it could not independently verify the report, and neither Hut 8 nor Nvidia has confirmed it on the record.

The ledger's rule for exactly this situation is to log the report and leave the party alone: the buyer on both Beacon Point rows still reads undisclosed investment-grade tenant, with a dated note pointing at the FT story. A single-sourced, company-unconfirmed report is worth tracking. It is not worth rewriting a public dataset over.

What's Still Blocked

Not everything found this week cleared the bar. 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, but the headline figure leans heavily on unexercised renewal and expansion options that were not broken out from the base term, so it sits in the queue rather than the ledger. Sharon AI's other announced contracts, an ESDS Software Solutions deal worth $1.25 billion and roughly $2.3 billion more across two additional agreements, share the same problem as the $373 million deal that did make it in this week: real 8-Ks, but no tier-1 pickup to cross-check against. Iron Mountain's 75 MW of hyperscaler leases signed after its Q2 close have no named counterparty yet, and a reported $500 billion Nvidia-SK Hynix memory framework is explicitly a letter of intent, not a signed contract. All of it is logged in the open on the methodology page, blockers and all, rather than quietly dropped.

The One-Line Read

The AI compute market did not get $130 billion bigger this week; the ledger's coverage of it did, which is the entire argument for rebuilding this dataset by hand instead of trusting whatever total is trending on a given Friday.

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.