Alphabet Inc.’s Google has sealed a $30 billion computing power deal with Elon Musk’s SpaceX, anchoring a cloud services arrangement that extends through mid-2029. According to a regulatory filing disclosed by SpaceX, Google will pay the space exploration company $920 million a month beginning in October this year and continuing through June 2029.

This multi-billion-dollar commitment provides immediate financial validation for the valuation metrics outlined in SpaceX’s updated initial public offering prospectus. The documentation details plans to price the upcoming public market debut at $135 a share, a target that places the total equity value of the rocket manufacturer at $1.77 trillion.

Inside Google’s massive AI infrastructure deal

Under the terms of the agreement, Google will lease 110,000 NVIDIA graphics processing units, central processing units, memory, and related infrastructure housed within SpaceX facilities located in Memphis and Southaven. The contract includes specific performance conditions, allowing Google the right to terminate the arrangement if those operational benchmarks are not met. Throughout the duration of the lease, Google maintains full ownership of its proprietary products, digital content, and artificial intelligence models.

The corporate pivot underscores an operational shift following the February merger between SpaceX and Elon Musk’s artificial intelligence startup, xAI, which initially valued the combined enterprise at $1.25 trillion. As SpaceX moves toward its $1.77 trillion public listing, the company is systematically generating revenue from the heavy technology infrastructure it built to run its internal Grok workflows. The current transaction reverses the operational dynamics of a 2021 cloud agreement, an earlier pact where Google served as the vendor, supplying computing and networking resources to support SpaceX’s Starlink satellite internet network.

Musk’s net worth approaches historic milestone

This upcoming public offering marks a significant milestone for Musk, arriving sixteen years after he first listed Tesla on the public markets. Musk currently holds a 12 percent ownership stake in Tesla, the electric automaker he financed in 2004 and has directed as chief executive officer since 2008. That equity slice is valued at $355 billion, and it is augmented by stock options that possess the potential to add more than $100 billion to his net worth. His equity in SpaceX, where he has maintained strict voting and operational control since establishing the enterprise in 2002, forms the final component of his trillion-dollar wealth calculation.

The path to the current prospectus involved a sequence of private corporate consolidations. After directing an investor group to purchase Twitter for $44 billion in 2022, Musk merged the social media platform with xAI in 2025, creating a combined entity valued at $113 billion, net of debt. In February 2026, SpaceX absorbed xAI entirely in a transaction that valued the unified operation at $1.25 trillion.

Within this consolidated corporate architecture, Musk holds an estimated 41 percent stake. When this holding is combined with his existing Tesla equity, the impending SpaceX flotation is positioned to lift the aggregate value of his stakes in his two primary public companies to $1.11 trillion. His wider commercial interests also encompass two earlier-stage private companies, the tunneling venture known as The Boring Company and the brain-implant developer Neuralink, which have raised a combined total of $2 billion from private market investors.

SpaceX IPO minting executive billionaires

Beyond the principal owner, the planned public listing shifts the personal balance sheets of the executives who manage daily operations at SpaceX. The Form S-1 filing shows that the $135 share price will elevate several members of the senior management team into billionaires. Gwynne Shotwell, who arrived at the firm during its foundational months in 2002 and operates as president and chief operating officer, will see her total equity valuation pass the one-billion-dollar threshold at the moment of listing.

In a similar fashion, Bret Johnsen, the CFO who has overseen the company’s financial books since 2011, owns 9.58 million Class A shares. At the designated $135 IPO price, that single asset holding is worth $1.2 billion. Outside of the executive suites, the company’s expansive stock compensation program is positioned to change the financial lives of its wider workforce. Among the roughly 14,000 employees, many hold equity grants awarded during early-stage financing rounds at much lower base valuations, meaning the public offering is paced to create an unusually dense concentration of new millionaires from a single corporate listing.