Elon Musk's SpaceX clearly has a lot riding on the success of Anthropic, probably much to the surprise of investors

Elon Musk's SpaceX ( SPCX ) has a lot riding on a successful Anthropic ( ANTH.PVT ) IPO and a strong start in public company life, perhaps more than SpaceX investors realized before the prospectus dropped.

Anthropic's prospectus, released Monday, provides a more complete view of the SpaceXAI relationship than the original May agreement outlined in SpaceX's own S-1 earlier this year.

The filing describes agreements entered into and amended between May and October 2026, with maximum compute spending of $120.5 billion over terms extending into 2029. Aggregate monthly fees reach approximately $3.1 billion once all capacity is delivered, which is expected in December. Fees differ during the ramp period.

The original SpaceX disclosure was $1.25 billion a month for approximately 325,000 GPUs from AI chip darling Nvidia ( NVDA ).

The new monthly figure is almost 2.5 times the original rate, EvercoreISI analyst Kutgun Maral points out.

At the full run rate, $3.1 billion a month would make Anthropic a larger share of SpaceX's revenue than previously expected, Maral calculates:

$9.3 billion a quarter, or about 25% to 28% of SpaceX's $33 billion to $37 billion revenue guidance for the first quarter of 2027; or

$37.2 billion annualized, or about 37% of the $100 billion annual recurring revenue target for December 2026.

"We do not see it as a near-term revenue risk given Anthropic's compute constraints and $131.7 billion of liquidity, but it does raise the question of how dependent SpaceX is on a single tenant," Maral added.

Anthropic will need all the compute it can get, given its top-line growth rate and the strong valuation it's seeking in public markets.

Anthropic's first-half 2026 revenue surged to $16.3 billion from $1.1 billion a year earlier, the prospectus shows. The filing also discloses an $80.7 billion first-half net loss, a strong signal of aggressive AI spending in the years ahead.

Investment bankers are reportedly aiming for an astronomical listing valuation of roughly $1.5 trillion to $2 trillion.

Anthropic could debut on public markets before the end of November.

Brian Sozzi is Yahoo Finance's Executive Editor, host of the Sozzi Unleashed morning show, the ' Power Players With Brian Sozzi' podcast and a member of Yahoo Finance's editorial leadership team.