SpaceX leased its full Colossus 1 supercomputer to Anthropic last week, and Chamath Palihapitiya called the move a “valuation reinforcement” for Elon Musk’s SpaceX ahead of its $2 trillion IPO.

Altimeter Capital’s Brad Gerstner pegged the rocket maker at 40 to 50 times revenue on $40 to $50 billion in next-year sales on Friday’s All-In episode, with the hosts dubbing the new cloud business “Elon Web Services.”

The deal covers 220,000 Nvidia (NASDAQ:NVDA) GPUs and over 300 megawatts of power, putting SpaceX in direct competition with Amazon.com (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) for AI cloud spend.

What Musk Kept For Himself

Colossus 1 runs older H100 chips while xAI keeps its newer Blackwell capacity at the “Macro Hard” and “Macro Harder” facilities for Grok training. Musk monetized depreciating silicon and held the frontier compute back for himself.

“Nobody better on planet Earth than Elon at converting electrons to tokens,” Gerstner said. He estimated the lease adds $4 to $5 billion in revenue this year on top of Starlink and launch, putting his $40 to $50 billion next-year math in striking distance.

Palihapitiya argued the deal also blunts the main bear case on SpaceX, which had rested on the unproven orbital data center story. Terrestrial cloud revenue picks up that slack and lets xAI subsidize Grok training without having to deliver immediate frontier-model returns.

Anthropic’s ARR went from $10 billion in January to $44 billion in April, with compute the only thing capping growth.

What Polymarket Traders Say

Polymarket traders think that there’s an 87% chance SpaceX is the largest IPO of 2026.

According to Polymarket, the IPO has a 70% chance of being completed by the end of June, and a 94% chance by the end of August.

The contract for closing market cap gives a 70% chance of being above $2 trillion, and a 18% chance of going above $3 trillion.

Anthropic has already doubled Claude Code’s 5-hour rate limits, removed peak-hour throttling for Pro and Max users, and raised Opus API rate limits since the Colossus lease.

Palihapitiya also floated a Tesla (NASDAQ:TSLA) and SpaceX merger into “Elon Corp” by year-end or mid-2027.

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