Google Just Started Paying SpaceX $920 Million a Month. Here's What That's Worth per Share.

Google has started paying SpaceX (SPCX) $920 million a month for access to roughly 110,000 Nvidia (NVDA) GPUs, a 33-month contract running October 2026 through June 2029 and worth about $30 billion in total.

The math matters for SPCX holders. The contract works out to roughly $2.27 in sales per share and could lift SpaceX's annual revenue by more than 50%. That is a large revenue step-up from a single counterparty.

The cash flow is not locked in. Both parties hold 90-day mutual cancellation clauses, meaning either side can exit with a quarter's notice. The headline $30 billion figure therefore represents a ceiling, not a guaranteed backlog. Interpretation: the market should arguably discount the contract's value for cancellation risk rather than capitalize all 33 months at face value.

The deal also ties SPCX's top-line growth to demand for NVDA hardware, since the revenue stream is built on GPU access. For Google (GOOG, GOOGL, GOOGM, GOOGN), the payments signal a commitment to outsourcing compute capacity at a scale of $920 million monthly. Interpretation: that spend level suggests Google values the access enough to pay a premium run rate, though the cancellation clause preserves its flexibility.