SpaceX's compute contracts with Anthropic and Google generate an estimated $15 billion and $11 billion in annual revenue, respectively, achieving EBIT margins between 70% and 83% and ROIC above 120%. This analysis suggests that leasing AI compute is one of the highest-return businesses in technology, with capital payback periods under eighteen months. As AI models like Meta's Muse Spark 1.1 approach frontier capabilities, the competitive advantage shifts from model intelligence to the underlying compute infrastructure.
Compute capacity is now the primary bottleneck, making infrastructure ownership and monetization a high-return business for companies like Meta.