The frontier labs' balance sheets are tangled through shared compute.

SpaceX's S-1 surfaced that rival Anthropic rents 300MW (~220,000 GPUs) of xAI's Colossus 1 capacity near Memphis for $1.25B a month through May 2029, a contract that could exceed $40B, terminable on 90 days' notice. xAI posted a ~$2.4B Q1 loss against $7.7B capex. Competitors renting each other's GPUs is the strangest, most telling structure of this cycle.