Anthropic’s SpaceX Deal Could Turn Compute Crunch into Revenue Growth, Says Wells Fargo

Anthropic’s compute deal with aerospace firm SpaceX could become a major revenue driver for the AI giant, according to investment firm Wells Fargo (WFC). The firm said that the added capacity should allow Anthropic to double Claude Code’s five-hour rate limits, remove peak-hour reductions for some users, and raise API limits for Opus models. This matters because Anthropic’s growth has been much faster than expected, with reported annualized recurring revenue reaching $44 billion, up from $30 billion at the end of April and $14 billion in February.

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Indeed, Anthropic has been struggling to keep up with this demand. CEO Dario Amodei recently apologized for the recent downtime experienced across the company’s models and said that Anthropic’s revenue grew by 80 times in the first quarter, which was far above the 10 times growth the company had planned for. He explained that this unexpected surge created compute shortages and said the company is working quickly to add more capacity.

As part of the SpaceX deal, Anthropic will get access to more than 300 megawatts of new capacity and over 220,000 Nvidia (NVDA) GPUs within the month through the Colossus 1 data center and supercomputer. In addition to SpaceX, the company has recently signed a deal with Amazon (AMZN) for up to 5 gigawatts of capacity, with the first gigawatt expected by the end of 2026. It also has similar capacity deals with Google (GOOGL) and Broadcom (AVGO) that will come online in 2027, along with a major partnership with Microsoft (MSFT) and Nvidia through Azure.

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