SpaceX AI Cloud Business Could Drive $3 Trillion Valuation

EarningsIndustryProduct / Tech Impact 4
โดย The Motley Fool·US·Read original
Summary · why it matters

SpaceX's AI computing business has flipped to positive adjusted EBITDA, a shift that could help lift the company from its roughly $2 trillion market capitalization toward $3 trillion. The AI segment, the smallest of SpaceX's three businesses in 2025 at about $3.2 billion in revenue, jumped to $3.4 billion in sales by the second quarter of 2026 after SpaceX began renting out spare capacity from its Colossus supercomputer instead of using it solely to train Grok. Starlink remains the only consistently profitable segment at scale, generating $7.5 billion in revenue, or roughly 60% of the company's total, along with $2.8 billion in operating income and $4.7 billion in adjusted EBITDA through June 30, with 12 million subscribers. The space business, which includes Falcon 9 and Falcon Heavy launches, generated $1.6 billion in revenue from 78 launches in the first six months of the year but is still losing money at the operating line because Starship development is consuming billions in research and development costs. SpaceX has signed AI capacity deals including Anthropic at $1.25 billion a month for Colossus 1, Google Cloud at $920 million a month starting this fall, and Reflection AI at $150 million a month in a contract worth up to $6.3 billion, while CFO Bret Johnsen said the company is on track to reach a $100 billion annual run rate by the end of this year.

Impact on stocks 3

Artificial Intelligence▲ · 2 stocks
Alphabet Inc Class C
GOOG
▲ PositiveDemandrelevance

Google Cloud signed a $920 million/month AI capacity deal for SpaceX's Colossus supercomputer, boosting Alphabet's cloud AI capacity.

Space Economy▲ · 1 stocks

Theme Impact 7

Off-coverage companies 2

AnthropicPrivate▲ Positive
Demandrelevance

Anthropic signed a $1.25 billion/month AI capacity deal for Colossus 1, securing compute for its AI training.

Reflection AIPrivate▲ Positive
Demandrelevance

Reflection AI signed a $150 million/month AI capacity contract worth up to $6.3 billion with SpaceX.

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