SpaceX Investors Just Got Some Bad News From Anthropic Founder Dario Amodei

Anthropic founder Dario Amodei called for a slowdown in AI development over cybersecurity concerns, putting pressure on SPCX's AI infrastructure revenue stream. SpaceX holds a $45 billion computing capacity deal with Anthropic running through 2029, a material revenue source for the company.

The timing challenges SPCX's current valuation profile. The stock trades at a price-to-sales ratio of 87.3, a multiple that assumes aggressive AI revenue expansion. Any pullback in customer spending from major clients like Anthropic would compress growth expectations and potentially trigger a valuation reset.

Amodei's public stance adds regulatory and reputational risk to the AI infrastructure buildout thesis. If other industry leaders echo calls for development restrictions, the entire sector faces headwinds that disproportionately affect high-multiple infrastructure plays banking on uninterrupted capacity demand.

The $45 billion Anthropic contract represents locked-in revenue, but future growth depends on similar deals materializing at current run rates. A broader industry slowdown would undercut the growth trajectory required to justify SPCX's current multiple.