325,000NVIDIA GPU 数量$1.25B每月费用（至 2029/5）3 个月提前 90 天可终止
ENGLISH · ORIGINAL
Compute Services Agreements with Third Parties We believe our compute infrastructure and related strategy provides us with substantial flexibility in how we allocate and monetize capacity. We have the ability to use compute resources to support our proprietary AI applications (such as Grok-5, which is currently being trained at COLOSSUS II), while also providing access to select compute capacity to third-party customers. For example, in May 2026, we entered into Cloud Services Agreements with Anthropic PBC ("Anthropic"), an AI research and development public benefit corporation, with respect to access to compute capacity across COLOSSUS and COLOSSUS II. Compute capacity provided includes approximately 325,000 NVIDIA GPUs, backed by hyperscale-class CPUs, exabyte-scale storage and high-speed networking and interconnects purpose-built for AI workloads. Pursuant to these agreements, the customer has agreed to pay us $1.25 billion per month through May 2029, with capacity ramping in May and June 2026 at a reduced fee. After the initial three-month period, the agreements may be terminated by either party upon 90 days' notice. The customer will retain ownership and intellectual property rights in its content, AI models, and related data. This structure allows us to monetize a portion of the compute capacity in our infrastructure, while still permitting reallocation of that capacity for our own internal initiatives if needed in the future.
中文翻译
第三方算力服务协议（Anthropic 案例）+ Grok-5
与第三方的算力服务协议
我们认为，自己的算力基础设施和相关战略——让我们在"如何分配和变现算力"这件事上有很大的灵活性。我们可以用算力跑自己的 AI 应用（比如 Grok-5——目前正在 COLOSSUS II 上训练），也可以把一部分算力开放给第三方客户。
案例：2026 年 5 月，我们和 Anthropic PBC（对外叫 Anthropic，一家"AI 研究和开发的公益公司"）签了云服务协议（Cloud Services Agreements）——把 COLOSSUS 和 COLOSSUS II 的算力开放给 Anthropic 用。
算力规模：大约 325,000 块 NVIDIA GPU。
配套：超大规模 CPU（hyperscale-class CPUs）、艾字节级（exabyte-scale）存储、为 AI 工作负载专门搭的高速网络和互联。
协议条款：
客户每月付我们 $1.25 billion（12.5 亿美元），一直付到 2029 年 5 月。
2026 年 5、6 月份算力爬坡期，费率打折扣。
头 3 个月之后，任何一方提前 90 天通知就可以终止。
客户保留其内容、AI 模型和相关数据的知识产权。
这种结构——
让我们能把一部分算力变现；
同时保留了未来"如果需要，把这部分算力挪回给我们自己用"的灵活性。
💼 算力双重变现
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这种“算力双重变现”模式确实聪明——既用自家Grok-5抢占AI制高点，又把闲置算力打包卖给Anthropic这种顶级玩家，每月12.5亿的现金流直接覆盖了GPU折旧和运营成本。更妙的是90天可终止条款，保留了未来算力紧缺时优先供给自家的灵活性。这招对投资者来说，相当于给SpaceX的AI业务上了一道对冲保险。
这份招股书细节很有意思。Anthropic每月12.5亿美元锁定32.5万张GPU直到2029年，说明顶级AI实验室对算力的饥渴远超预期。更关键的是，SpaceX保留了90天终止条款和算力回收权——相当于用第三方现金流覆盖基建成本，同时为Grok-5留足后路。这种“算力双重变现”策略，既稳住了现金流，又不牺牲战略灵活性，确实是基础设施类公司的高阶玩法。好奇的是，如果Grok-5训练需求突然暴增，SpaceX会如何平衡与Anthropic的协议？