SpaceX’s $1.25 B/Month Anthropic Lease and Equity Issuance Threaten Musk’s Tesla Pay Deal
TSLA•SpaceX’s amended IPO prospectus outlines a 180-day, $1.25 billion/month GPU lease with Anthropic and mutual 90-day cancellation, injecting uncertainty into projected $15 billion/year revenue. The filing also signals potential equity issuance for future deals and suggests any Tesla merger could void Musk’s $1 trillion pay package milestones, shifting his compensation to market capitalization.
1. Short-Term Anthropic Lease
Elon Musk confirmed Anthropic will lease Colossus AI data centers under a 180-day agreement with mutual 90-day termination rights. The initial prospectus projected $1.25 billion per month through May 2029, with capacity ramping in May and June 2026, though actual terminations could alter long-term revenue.
2. IPO Prospectus Amendments
The amended S-1 filing adds that after the initial three-month lease, either party can terminate with 90 days’ notice and outlines provisions for issuing additional equity to facilitate future transactions. This change highlights flexible funding options and potential dilution ahead of SpaceX’s IPO.
3. Implications for Tesla and Musk
The revised filing indicates any merger involving Tesla could nullify Musk’s existing $1 trillion pay package milestones, recalibrating his compensation exclusively around market-capitalization targets. Tesla investors may view this governance shift as a signal of Musk’s broader capital allocation priorities.
