01 / Epoch AI / Colossus I
Site capacity, hardware, modeled capital and selected buildout milestones. Adapted under CC BY 4.0. Capital is expressed in constant 2025 dollars. View source
Project research / Memphis, Tennessee
Colossus I
Site capital, installed hardware and Anthropic’s compute-services agreement.
Site aerial · October 8, 2021 · before AI conversion
USDA NAIP / USGS The National Map · Public domain
Research snapshot · 19 Oct 2026
01 / Colossus I only
Capital and hardware
Riverport campus. Capital figures are modeled estimates in constant 2025 dollars, including compute equipment and facility infrastructure.¹
$12.9BModeled project capital
$37.9MCapital per IT MW
340 MWIT capacity
Installed NVIDIA accelerators
150,000H100
50,000H200
30,000B200
- Owner
- SpaceX
- Compute offtaker
- Anthropic
- Facility power
- 425 MW
¹ Epoch AI estimates. $12.9B ÷ 340 IT MW = $37.9M/IT MW. Selected capital snapshots are not cash outlays. Component cost allocation is not established. Source and method ↗
02 / Colossus I and II
Compute services agreement
SpaceX’s original May 2026 package supplies Anthropic with compute across both facilities. The service fee covers GPUs, CPUs, storage and networking.²
$1.25BMonthly full-rate fee
325kNVIDIA GPUs in the package
$1.25B ÷ 325,000 GPUs$3,846 per GPU-month
The GPU count is approximate. This is a service-package blend across unspecified GPU generations, rather than a chip-only rental price.
- Supplier
- SpaceX
- Customer
- Anthropic
- Compute scope
- Colossus I and II
- Full-rate term
- Through May 2029
- Initial ramp
- Reduced May–June 2026 fees
- Termination
- 90-day notice after the first three months
² SEC-filed disclosure. Fee annualization equals $15B; it is not guaranteed revenue or realized spending. Site-specific pricing is undisclosed.
03 / Original portfolio package
Compute pricing scenarios
Per-MW pricing depends on the assumed allocation and power density of the contracted GPUs. These scenarios do not establish a site tariff or a verified price range.
$27.6MAnnual fee per modeled IT MW
$15B ÷ 544.25 MW544.25 modeled IT MW
Base scenario: the residual GPUs use the average density of Epoch’s Colossus II Tulane Road inventory. The contracted site and GPU mix are unresolved.
Modeled capacity denominator
- Colossus I allocation
- 230k GPUs / 340 MW
- Residual GPUs
- 325k − 230k = 95k
- Residual density proxy
- 946 MW ÷ 440,000 GPUs
- Residual IT estimate
- 204.25 MW
All modeled Colossus I capacity is assigned to Anthropic in this calculation. The residual allocation and its average power density are assumptions.³
$15B ÷ 300 MW = $50M combines the portfolio fee with a Colossus-I-only capacity figure.
Broader relationship / September 29, 2026Up to $84.5B
through 2029
through 2029
Later reporting
Reuters reported a larger xAI compute relationship in Anthropic’s confidential IPO prospectus, largely cancellable with 90 days’ notice.
Matching GPU counts, MW allocations and payment schedules were not reported. The report does not establish an updated unit price.⁴
Sources and notes
02 / SpaceX / SEC-filed compute-services terms
Original portfolio package: approximately 325,000 GPUs and a $1.25B monthly full-rate fee through May 2029. The package includes supporting infrastructure and permits termination after the initial three-month period on 90 days’ notice. View source
03 / Epoch AI / Colossus II density inputs
The base scenario uses 946 IT MW / 440,000 GPUs for the residual allocation. The Colossus I sensitivity uses 340 MW / 230,000 GPUs, producing 480.43 modeled portfolio MW and $31.2M/IT MW-year. The two cases are alternative assumptions, not verified bounds. View source
04 / Reuters / September 29 relationship update
The report describes up to $84.5B of xAI-related spending through 2029. Reuters’ reporting was independently checked; the confidential prospectus was not inspected. Original-package calculations are not a valuation of this later relationship. View source
05 / Anthropic / May 28 announcement
Anthropic confirms access to GPU capacity in both Colossus 1 and Colossus 2. Its earlier May 6 announcement described Colossus I access. View source
Historical aerial photography is public-domain USDA NAIP / USGS imagery. It predates AI conversion and is not evidence of current installed equipment. Research snapshot: October 19, 2026.
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