SpaceX signs $6.3 billion computing power deal with AI startup Reflection, enters bond market

SpaceX has signed a landmark compute deal worth up to $6.3 billion with open-source AI startup Reflection AI, which will pay $150 million monthly starting July 1, 2026, to access Nvidia GB300 chips at SpaceX's Colossus 2 data center. The agreement highlights SpaceX's post-IPO push into commercial AI infrastructure alongside its first-ever entry into the bond market, even as its shares fell 9%. Reflection AI, valued at $25 billion, aims to leverage this compute to build American open-source models.

SpaceX-Reflection AI compute deal

• ▪Reflection AI will pay SpaceX $150 million per month starting July 1, 2026, through 2029
• ▪The agreement allows either SpaceX or Reflection AI to terminate the contract with 90 days' notice after the first three months
• ▪The deal gives Reflection AI access to Nvidia GB300 Grace Blackwell Ultra AI computing chips at SpaceX's Colossus 2 data center
• ▪SpaceX signed a multiyear computing power agreement with Reflection AI worth up to $6.3 billion

Colossus infrastructure commercialization

• ▪SpaceX has previously signed compute-related agreements with Anthropic, Google, and Cursor to lease capacity from its Colossus infrastructure
• ▪SpaceX's Colossus 2 data center, which houses the Nvidia GB300 chips leased to Reflection AI, is located near Memphis, Tennessee

Reflection AI open-source positioning

• ▪Reflection AI is working with the Department of Energy's Genesis Mission and has participated in broader Pentagon AI efforts
• ▪Reflection AI was founded in 2024 by former Google DeepMind researchers Misha Laskin and Ioannis Antonoglou
• ▪Reflection AI aims to build open-weight, frontier-scale AI models as an alternative to closed systems from OpenAI, Anthropic, and Google

AI compute market leverage

• ▪Anthropic recently shut down access to its Fable and Mythos models, driving momentum and interest toward open-source AI alternatives
• ▪Nvidia invested $800 million in Reflection AI, which is now leasing Nvidia chips purchased by SpaceX

SpaceX post-IPO diversification strategy

• ▪SpaceX entered the bond market for the first time on June 22, 2026, to sell investment-grade bonds to fund its expansion into AI and next-generation rockets
• ▪SpaceX shares fell 9% on June 22, 2026, marking a third consecutive session of declines following the announcement of its bond offering
• ▪SpaceX raised $85.7 billion in an initial public offering on June 12, 2026, listing on the Nasdaq