CFO Bret Johnsen said the six-month agreements begin rolling out in October and, together with expected December revenue including Cursor, support the company’s year-end recurring revenue target.
SpaceX said it signed an additional $6.7 billion in cloud service contract revenue in the first weeks of the third quarter, with the six-month agreements set to begin rolling out from October. CFO Bret Johnsen said on an earnings call that, based on the company’s expected December revenue and including contributions from Cursor, the new business should help SpaceX reach $100 billion in ARR (annual recurring revenue) by the end of this year. ARR is a common software and cloud industry metric that annualizes recurring revenue to show the run-rate of a subscription-style business.