Microsoft could become SpaceX’s largest customer, having signed more than 10GW of data-center contracts worth roughly $300 billion this year, according to an analysis by semiconductor news site SemiAnalysis. The report estimates that frontier AI companies can generate more than $100 billion in annual revenue, highlighting the economics behind the rush to secure compute. AI inference could bring $100 billion in sales per gigawatt per year to AI companies, and Microsoft is well positioned to match giant Anthropic and OpenAI. SemiAnalysis wrote that with full access to OpenAI models, Microsoft can generate the same revenue and margin per MW while paying none of the training costs, noting that a deal reworked in April 2026 dropped the old 20% revenue share. Microsoft’s data-center capacity currently goes to OpenAI, but it has the opportunity to improve that mix, with Azure potentially accelerating revenue growth from about 42% year over year to over 100% by next year. SpaceX could deploy 10GW or more of new data-center capacity by the end of 2027, potentially generating about $300 billion in annual recurring revenue. CEO Elon Musk said SpaceX “conservatively” expects to build and deliver an additional 6GW to 8GW of capacity next year, with the potential to exceed 10GW. SemiAnalysis estimates SpaceX could reach about $300 billion in ARR even if only half of its incremental 2027 capacity is monetized. The company built the 300MW Colossus 1