SpaceX (SPCX) stock fell roughly 10.6% after the company announced a $6.3 billion compute deal with AI startup Reflection AI — a company with no public product and no revenue.
Space Exploration Technologies Corp, SPCX
The deal was reported by CNBC on June 22. Under the terms, Reflection AI gets immediate access to Nvidia GB300 chips housed at SpaceX’s Colossus 2 data center in Memphis. Payments of $150 million per month begin July 1, 2026, and the agreement runs through 2029.
Total payments would reach approximately $6.3 billion if the contract runs its full term. Either side can walk away with 90 days’ notice after the first three months.
SpaceX and Reflection AI did not respond to Reuters’ requests for comment.
Reflection posted on LinkedIn that “more compute gives us more room to push the frontier on open models,” without further detail.
SpaceX has been quietly building a list of big-name compute tenants at Colossus. Anthropic leased all of Colossus 1 at roughly $1.25 billion a month. Google followed with $920 million a month for bridge capacity while its own data centers catch up, a deal starting October this year through June 2029. Reflection is now the fourth tenant on a roster that didn’t exist a year ago.
Reflection was founded in early 2024 by Misha Laskin and Ioannis Antonoglou, both former Google DeepMind researchers. Laskin led reward modeling for Gemini. Antonoglou co-created AlphaGo. Last October, the startup raised $2 billion at an $8 billion valuation in a round led by Nvidia. By spring 2026, reports put its valuation approaching $20 billion. It has yet to ship a public model.
The company has positioned itself as an open frontier lab focused on government and national security customers, including work tied to the Department of Energy’s Genesis Mission and Pentagon AI programs.
Despite locking in billions in recurring revenue from a new tenant, SPCX dropped around 10.6% on the day of the announcement — the worst single-day move since the company went public on June 11 at a $1.77 trillion valuation.
The selloff caught some analysts off guard. SpaceX is collecting committed, recurring payments against infrastructure it already owns. The Colossus 2 deal alone adds $1.8 billion in annual contracted revenue. That math doesn’t obviously translate into a reason to sell.
The contract includes a 90-day exit clause after the first three months, so the first real test arrives around late October. If Reflection doesn’t exercise that exit, the lease effectively converts from cancellable to demonstrated long-term demand.
Reflection’s LinkedIn post referenced pushing the frontier on “open models.” The startup has not named a launch date for any public product.
SpaceX, Reflection AI, and Nvidia did not respond to requests for further comment at the time of publication.
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