SpaceX Signs $6.3 Billion Computing Deal With Reflection AI as Stock Falls for Third Straight Day

SpaceX announced a computing power agreement with open-source artificial intelligence startup Reflection AI worth up to $6.3 billion on Monday, even as the company's shares continued a post-IPO slide, falling 9% and pacing for a third consecutive day of losses.

Under the terms of the deal, Reflection AI will gain immediate access to Nvidia GB300 chips housed at SpaceX's Colossus 2 data center in Memphis, Tennessee. The startup has agreed to pay SpaceX $150 million per month beginning July 1, 2026, through 2029, according to materials reviewed by a reporter. The payments would total approximately $6.3 billion if the agreement runs to the end of its term. Either party may exit the contract with 90 days' notice after the first three months.

The agreement makes Reflection the latest outside company to tap SpaceX's Colossus infrastructure, joining Anthropic, Google, and Cursor — a company SpaceX is in the process of acquiring — as commercial compute customers.

Reflection, last valued at $25 billion, is focused on building open-source AI models intended to compete with closed frontier systems from OpenAI, Anthropic, and Google. The startup has not yet released a public frontier model but has been building relationships with government and national security customers, including work with the Department of Energy's Genesis Mission and broader Pentagon AI efforts.

"Recent events highlight how important open source is to the AI ecosystem, with more nations and enterprises recognizing the risks and costs associated with exclusively depending on closed models," a Reflection spokesperson said in a statement.

The deal's timing tracks a broader shift in sentiment around open-source AI. Anthropic's recent decision to cut off access to Fable and Mythos has amplified concerns about dependence on closed-model providers, giving open-source advocates a stronger case for systems that can be inspected, customized, and run with greater control.

For SpaceX, monetizing Colossus is part of a wider effort to expand its business narrative beyond rockets and its Starlink satellite internet service. Access to advanced Nvidia chips remains one of the most significant constraints facing companies training and serving frontier AI models, and SpaceX is positioning itself alongside cloud providers racing to sell scarce GPU capacity.

The computing deal arrived on the same day SpaceX announced a senior unsecured notes offering and disclosed that it held $100.8 billion in cash and cash equivalents as of June 19.

Despite the positive business developments, shares of SpaceX fell 9% on Monday, extending a pullback that has erased most gains for investors who bought in the open market after the company's June 12 debut. Shares had surged in the first two full days of trading, briefly pushing SpaceX's market capitalization above both Amazon and Microsoft, before declining 5% and 3.6% on Wednesday and Thursday last week. Even with the recent slide, the stock remained up 37% from its IPO price of $135 as of Thursday's close.

The company posted a $4.9 billion net loss in 2025 and lost $4.28 billion in the first quarter of 2026.

Canaccord Genuity analysts described SpaceX's listing as opening "a new chapter" for retail trading, noting that the stock had driven itself into the top six companies by market capitalization in its first week. Still, the analysts cautioned that "a new, more dangerous layer of air is now underneath these stocks."

Whether SpaceX can sustain its AI infrastructure ambitions — and whether deals like the Reflection agreement translate into durable revenue — will likely be a central question for investors as the company approaches its first full earnings cycle as a public company.

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