.png){kind=logo}
Elon Musk has clarified contract terms linked to reported SpaceX and xAI revenue projections, adding fresh scrutiny to a possible high-value SpaceX IPO. His comments came after reports connected xAI compute leasing income to valuation estimates near $1.8 trillion to $2 trillion.
Reports had claimed that xAI infrastructure, including its Colossus data centre operations, could generate about $45 billion over three years. The figure was linked to compute leasing arrangements with AI firms, including Anthropic.
However, Musk responded to the claims with a clarification on social media. He said SpaceX had not agreed to a fixed multi-year leasing deal. Instead, he described the arrangement as a ‘180-day structure with a 90-day mutual cancellation option.’
His statement shifted attention from projected revenue to the reported contract terms. A 180-day structure is different from a multi-year commitment. The 90-day cancellation option also means either side can end the arrangement within that period.
Musk also said extensions could happen. Even so, the terms he described do not confirm a guaranteed three-year revenue stream. That distinction now sits at the centre of the debate around the reported valuation.
The reported Anthropic arrangement has also drawn attention due to its role in the revenue claims. Anthropic operates in the AI sector, while xAI is also expanding its AI infrastructure and model development work.
Documents cited in industry reports refer to short-term leases and flexible exit clauses. These details do not show a fixed long-term contract. They also leave open questions about how much revenue can be counted over several years.
Additionally, reports have mentioned wider procurement networks tied to AI and energy infrastructure. Some references include firms linked to Turkey, the United Arab Emirates and China. The reports do not confirm wrongdoing.
For now, the available details show a structure with conditional terms. They also show that the reported revenue claims depend on renewals, continued demand and contract extensions. Musk’s clarification did not confirm a full three-year leasing agreement.
The debate comes as SpaceX IPO expectations continue to shape trading across space-related stocks. Some reports say SpaceX may target a valuation near $1.8 trillion, while wider market talk has included figures near $2 trillion.
Prediction markets have also priced high expectations for the possible IPO. One market showed a closing valuation above $1 trillion at 99% YES. The $1.8 trillion threshold was priced near 89.5% YES, with a small recent decline in that sub-market.
Meanwhile, reports say SpaceX plans to allocate up to 5% of IPO shares to insiders without lock-up restrictions. Such a structure would allow insiders to sell shares immediately after listing, depending on final offering terms.
Upcoming filings remain central to the valuation debate. Investors are watching for confirmed IPO terms, final share structure, insider allocation details and any lock-up rules. They are also watching whether the company confirms the reported revenue assumptions in formal documents.
Several listed space stocks traded lower after strong recent gains. Redwire fell after a downgrade to Hold, following a 163% rise over the previous month. Rocket Lab, Firefly Aerospace, Intuitive Machines and AST SpaceMobile also moved lower in the same session.
Valuation data has added to the focus on the sector. AST SpaceMobile has traded at about 260 times estimated 2026 sales. Rocket Lab has traded near 91 times sales, up from below 10 times sales a year earlier.
The Procure Space ETF has also traded more than 20% above its 50-day moving average. A move back toward that level would show a pullback from recent momentum across space-linked shares.
Musk’s post did not rule out future contract extensions. However, it stated that the arrangement was not a fixed multi-year deal. That clarification now places more attention on signed terms, revenue timing and verified disclosures before any SpaceX IPO pricing near $1.8 trillion or $2 trillion.
Also Read: Tesla and SpaceX Merger Talk Raises Governance and Investor Risks
