SpaceX guided to a $35 billion quarter, a figure strong enough that at least one analyst raised their rating on the company to Buy. That scale matters beyond SpaceX itself: SpaceX is also one of just two customers, alongside Microsoft, that together account for a fifth of Anthropic's revenue, according to disclosures reviewed ahead of a potential Anthropic IPO.
That level of customer concentration means Anthropic's revenue is unusually dependent on the spending decisions of two large partners. If either SpaceX or Microsoft slowed or redirected its AI spending, the effect on Anthropic's top line would be disproportionate compared with a company whose revenue is spread across many smaller customers.
The disclosure is being raised specifically as a risk factor for buyers considering an Anthropic IPO, not as a sign of trouble today. SpaceX's own guidance points to continued heavy AI-related spending, but Anthropic has not set a timeline for any public offering or indicated how it plans to diversify its customer base before one.