Wedbush: SpaceX Leasing Compute Power May Signal New Colossus Data Center Construction
N.R. Finch
SpaceX has leased most of its Colossus data center capacity to Google, Anthropic, and Reflection. Wedbush analyst Matt Bryson says this may signal a new large-scale data center build, though the supply chain's ability to handle the extra demand remains an open question.
Why is SpaceX renting out its own compute?
SpaceX has signed compute-leasing deals with Google, Anthropic, and Reflection, renting out GPU capacity from its Colossus data centers.
The latest deal with Reflection covers Nvidia GB300 GPUs in Colossus 2 — $150 million per month, three-year term, with either side able to exit on 90 days' notice after the first three months.
This means → SpaceX is turning its data centers from in-house infrastructure into a standalone revenue stream. Compute itself is now the product.
How much Colossus 1 capacity is left?
According to Wccf, xAI currently retains only about 11% of Colossus 1 compute. The rest has been leased out.
Wedbush analyst Matt Bryson reads this as evidence that Colossus 1 capacity is largely absorbed by external clients.
In plain terms = the building is nearly "fully let" — if xAI needs more compute for itself, it has to build again.
Is a new Colossus coming?
Bryson wrote in his note that he "would not be surprised if these agreements foreshadow another large-scale Colossus data center build."
This reflects a straightforward logic chain: capacity leased out → own share shrinks → pressure to build the next facility is mounting.
For now this remains analyst inference — SpaceX has not formally announced a new build.
Can the supply chain handle it?
Bryson flagged that Musk-affiliated companies have historically created significant swings in component demand.
The supply chain is already stretched thin meeting current orders. Whether suppliers can absorb another xAI build cycle is an open question.
This means → even if a new build is greenlit, delivery timelines and costs could stretch due to supply-chain bottlenecks.
Which companies stand to benefit?
Bryson named SMCI, Dell, VAST, and DDN as the key system vendors that have supplied xAI's previous data center builds.
If a new round begins, these companies are positioned for another wave of large orders.
In plain terms = tracking order flow at these suppliers is the early signal for whether SpaceX is actually breaking ground on a new facility.
Does SpaceX's AI ambition go beyond leasing compute?
Beyond data center leasing, SpaceX is also planning to acquire Cursor, an AI-powered coding platform.
This reflects a broader shift: SpaceX is extending from a rocket company into AI infrastructure + AI applications on two parallel tracks.
How fast Colossus 1's remaining capacity is absorbed will be the key marker for the timeline of any new build.
Content is for reference only, not financial advice.