Nvidia just got one of the strongest endorsements a chipmaker can ask for. Elon Musk declared that SpaceX will build its entire AI infrastructure exclusively on Nvidia hardware going forward — sending NVDA shares higher for a fifth straight session, even as SpaceX stock tumbled on its first earnings call as a public company.
🚀 What Musk Said
Speaking on SpaceX’s Q2 2026 earnings call, Musk didn’t hedge: “We’ve decided to build exclusively on Nvidia, because we think the Vera Rubin architecture is the best architecture. We think it’s the best AI computer, and we greatly value our close cooperation and partnership on many levels with Nvidia. We’re exclusive to Nvidia.”
The announcement came alongside news that SpaceX and Nvidia are jointly designing the compute payload for Starmind AI1 — the first satellite in a planned constellation built to run AI workloads directly in orbit. Each Starmind satellite will carry Nvidia’s Rubin GPUs and Vera CPUs.
📊 Stock Reaction
| Stock | Move | Reason |
|---|---|---|
| Nvidia (NVDA) | +4% (5th straight up day) | Exclusive hardware commitment from SpaceX |
| SpaceX (SPCX) | -7% to -12% | Investors focused on heavy capex despite strong revenue growth |
💰 Inside SpaceX’s Q2 Numbers
SpaceX reported $7.8 billion in Q2 revenue, up 92% year-over-year, with net loss narrowing sharply to $541 million (from $1.0 billion a year earlier). The company ended the quarter with $100 billion in cash and marketable securities and a $47.5 billion backlog. However, shares fell after hours as investors zeroed in on $18.4 billion in quarterly capital expenditure — including $15.8 billion spent on AI infrastructure alone.
🎯 The Bigger Ambition
SpaceX outlined an aggressive growth roadmap: a push toward $100 billion in annualized revenue run rate by December 2026, and Musk said there’s a “non-zero chance” of the company hitting $1 trillion in annual revenue by 2029-2030. When asked how much Nvidia hardware SpaceX is securing for next year’s AI compute expansion, Musk said the company expects “a very significant percent” of Nvidia’s total GPU output.
📡 Why the Satellite Angle Matters
The Starmind constellation — SpaceX has already filed with the FCC for up to one million satellites — represents a genuinely novel bet: running AI compute in orbit rather than in terrestrial data centers. If it works at scale, it could reshape how the industry thinks about power and cooling constraints that limit ground-based AI infrastructure.
🔮 What to Watch
For Nvidia investors, the SpaceX commitment reinforces the company’s long-term demand story at a time when hyperscaler capex spending is already under scrutiny across the market. For SpaceX watchers, the key tension going forward is whether the company’s ambitious AI infrastructure bet pays off before its cash burn becomes a bigger concern for public shareholders.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Technology and equity investments carry risk, including volatility tied to capital expenditure cycles. Consult a licensed financial advisor before making investment decisions.
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