Space Exploration Technologies Corp. (NASDAQ:SPCX) says a new, unnamed hosting customer will begin paying $1.11 billion per month on December 1. That is a $13.32 billion annualized run rate, not necessarily a guaranteed $13 billion contract. Alphabet Inc. (NASDAQ:GOOGL) shows both how quickly this business can scale and why contract terms matter. SpaceX CFO Bret Johnsen disclosed the agreement at Goldman Sachs' September 10 technology conference. Management said it had closed the deal earlier that month but did not identify the customer, capacity or full term. That missing information prevents investors from estimating required hardware or margins.
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