SpaceX shares fell approximately 2.9% in after-hours trading on Thursday, October 29, 2026, after new reporting highlighted the company’s reliance on a major artificial intelligence (AI) customer. The decline followed revelations that Anthropic, the developer of Claude AI, reportedly accounted for more than one-third of SpaceX’s third-quarter revenue.
Shares of Elon Musk’s SpaceX declined approximately 2.9% to $139.67 in extended trading after closing the regular session at $143.89. According to an October 30 market report, the decline followed renewed concerns about the company’s dependence on a major AI computing customer.
SpaceX became a publicly traded company on June 12, 2026, when its Class A shares began trading on Nasdaq under the ticker symbol SPCX, as confirmed in the company’s official IPO closing announcement. Since its public listing, investors have closely followed its rocket launches, Starlink satellite internet business, and expanding AI infrastructure operations.
The latest pressure on SpaceX shares followed Bloomberg’s October 29 report, which identified artificial intelligence company Anthropic as SpaceX’s largest individual customer. Bloomberg attributed the identification to a person familiar with the matter.
According to SpaceX’s third-quarter SEC filing, a customer identified as “Customer B” accounted for approximately 34.5% of the company’s total revenue during the three months ended September 30, 2026. The filing states that this revenue came from SpaceX’s Super Intelligence (SI) business, formerly called its AI segment. Bloomberg subsequently identified the unnamed customer as Anthropic.
According to Anthropic’s IPO registration statement, the company entered into several computing arrangements with SpaceX.AI LLC, a SpaceX subsidiary, between May and October 2026. These agreements involve access to computing capacity powered by NVIDIA GPUs and could be worth up to $120.5 billion over terms extending into 2029. However, the full amount should not be treated as guaranteed revenue because the arrangements contain cancellation provisions.
Although the computing arrangements represent a major business opportunity, they also create uncertainty about future revenue. Anthropic’s IPO filing states that the agreements have initial non-cancelable periods ending in January and March 2027. After those periods, either party may terminate the relevant agreement by providing 90 days’ advance written notice.
If Anthropic reduces its computing purchases or terminates an agreement after the applicable notice period, SpaceX could lose an important source of revenue. Anthropic’s recent IPO filing also provides context about the company’s financial position, infrastructure spending commitments, and plans to enter the public stock market.
Despite the concerns, SpaceX reported strong revenue growth for the third quarter of 2026. Revenue reached approximately $14.58 billion, up 161.4% from $5.58 billion a year earlier. The company also reported approximately $2.79 billion in operating income, compared with an operating loss of $273 million in the same quarter of 2025. Its growth was driven largely by expanding AI infrastructure operations and its Starlink connectivity business.
SpaceX’s expansion involves several expensive technology projects, including AI data centers, high-performance computing equipment, Starlink satellites, and the Starship rocket program. These businesses have different costs and growth opportunities, making it important for investors to assess how much money each operation generates compared with the amount being spent.
These investments could support long-term growth, but they also require significant spending. Investors are watching whether the company’s expanding AI business can generate enough revenue and profit to justify those costs.
Broader weakness in technology stocks also added pressure during Thursday’s trading session.
Concerns about rising AI spending, future interest rates, and the returns from expensive computing infrastructure have affected several major technology companies. The uncertainty follows a recent Nasdaq AI-related sell-off, when investors reassessed the valuations and spending plans of technology businesses closely connected to artificial intelligence.
Despite the recent share-price decline, SpaceX remains active in commercial spaceflight, satellite broadband, and artificial intelligence. Its space business continues developing the Starship rocket system, which achieved Starship’s recent orbital milestone during a September 2026 test flight that also deployed Starlink satellites.
SpaceX’s Starlink network provides satellite internet connectivity across international markets, serving consumers, businesses, and other customers. The company’s expansion into aviation connectivity is also continuing, with a Starlink internet rollout on easyJet flights scheduled to begin in 2027. Meanwhile, SpaceX’s rocket technology supports satellite launches and space exploration.
For investors, the main concern is whether SpaceX can maintain strong growth while reducing its dependence on major customers and managing its increasing infrastructure costs.
The after-hours decline does not guarantee that SpaceX shares will continue falling during Friday’s regular trading session. Extended-hours trading often has lower trading volume and less liquidity, which can lead to sharper price movements. The $139.67 figure therefore represents a reported extended-hours price, not the final closing price for October 30.
Investors will now monitor SpaceX’s share price during Friday’s trading session, alongside new information about Anthropic’s computing commitments and SpaceX’s infrastructure spending. The main question is whether the company can sustain its rapid AI-driven revenue growth while managing customer concentration risk and the cost of expanding its space and connectivity businesses.
