There is a plausible scenario in which Elon Musk's SpaceX (SPCX) reaches its ambitious goal of $100 billion in annual recurring revenue (ARR) by year-end. "Neocloud carrying the largest load In 2Q, neocloud revenue was $1.6b billion, all coming from Anthropic (ANTH.PVT); this deal alone should ramp up to $3.75 billion in 3Q in quarterly revenue," Yu explained. And lastly, we expect one more large neocloud deal to get potentially signed before year-end considering industry compute supply/demand dynamics. Here's how Yu estimates this number will be reached:The path toward $100 billion ARR. Total capital expenditures for SpaceX in the second quarter were $18.4 billion, well above analyst estimates of around $6 billion.