SpaceX's near-term value is tied to Earth-based AI infrastructure, not outer space, according to Wall Street analysts. SpaceX has already started monetizing compute by striking deals with enterprise customers, including Anthropic, for its Colossus supercomputer clusters. Company filings analyzed by Reuters show that revenue from its latest compute contracts is set to far exceed sales from other segments this year. J.P. Morgan expects SpaceX to expand terrestrial AI compute capacity to about 9 gigawatts by 2029. SpaceX's deals with Anthropic, Alphabet's Google and Reflection AI for its Colossus compute facilities are expected to generate more than $28 billion in annual revenue, far exceeding SpaceX's 2025 AI revenue of about $3.2 billion and surpassing revenue from its launch and Starlink connectivity businesses individually. Analysts cautioned that the contracts contain termination provisions. SpaceX invested nearly $18 billion in AI infrastructure and development in 2025, including about $12.7 billion in AI-related capital expenditure and $5.1 billion in AI research and development. Its orbital AI plan remains a longer-term opportunity dependent on Starship rockets, lower launch costs and technological advances.