Google Is Paying SpaceX $11 Billion a Year for Compute. Here's the Concentration Risk Nobody Is Pricing In.

Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google is one of the world's largest cloud infrastructure companies, yet it just started paying SpaceX (NASDAQ: SPCX) $920 million per month -- or $11 billion per year -- to lease xAI's cloud infrastructure through 2029. Let's see why Google is renting that cloud compute from SpaceX rather than building more data centers -- and how that unusual deal could expose it to some unpredictable concentration risks in the future. Google controlled 15% of the global cloud infrastructure market in the second quarter of 2026, according to Synergy Research Group, putting it in third place after Amazon (NASDAQ: AMZN) Web Services (AWS) (28%) and Microsoft (NASDAQ: MSFT) Azure (20%). Image source: Getty Images.

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