Reporting on Anthropic’s IPO filing describes a SpaceX compute agreement worth up to $120.5 billion through 2029, approximately KRW 159.9 trillion at about KRW 1,327 per dollar. Nvidia GPU capacity is expected to begin arriving in December 2026. After initial non-cancellable periods ending in January or March 2027, either side can terminate with 90 days’ notice. The ceiling therefore should not be treated as money already spent or guaranteed SpaceX revenue. Beyond the IPO itself, delivery timing and cancellation rights are essential to interpreting the compute commitment.