SPCX Stock Rises Overnight: Analyst Says Nvidia’s Results Reveal SpaceX’s Growing Hyperscaler Status

Munster said SpaceX has effectively become a hyperscaler, citing 8 GW of AI capacity expected next year.

• Deepwater’s Gene Munster estimated that SpaceX accounted for 5% of Nvidia’s quarterly revenue, up from 3% last quarter.
• Based on Nvidia’s $96.2 billion in Q2 revenue, Munster’s estimate implies nearly $4.8 billion related to SpaceX.
• Nvidia named SpaceXAI among the lead partners already receiving its Vera CPUs, which will support Grok’s agentic-AI workloads.

Shares of SpaceX (SPCX) rose over 1% overnight late Wednesday after Deepwater Asset Management’s Gene Munster estimated that Elon Musk’s rocket maker now accounts for about 5% of Nvidia’s revenue and has emerged as a major AI hyperscaler.

SPCX stock rose 1% on Wednesday and is on track to end the week in the green, with shares up 2% so far.

SpaceX Emerges As Nvidia Hyperscaler 

“$SPCX accounted for about 5% of overall revenue. Last quarter it was more like 3%,” Munster said on X. Applied to Nvidia’s second-quarter (Q2) revenue of $96.2 billion, the estimate implies nearly $4.8 billion related to SpaceX. Nvidia did not disclose SpaceX’s contribution, making Munster’s figure an independent calculation.

Munster believes Nvidia moved SpaceX-related revenue from ACIE, which includes neocloud, industrial and enterprise customers, into its hyperscaler segment. That “makes sense because SPCX is now a hyperscaler with 8GW coming online next year, same as $META and $AMZN,” he said.

Nvidia reported hyperscaler growth of 101% year over year and ACIE growth of 138%. Munster estimated that keeping SpaceX in ACIE in July would have lifted the segment’s growth to 160%, versus Wall Street’s 130% expectation, while hyperscaler growth would have been 83%, roughly in line with estimates. “This does not change the fact that the script has flipped to ACIE having higher growth rates going forward versus hyperscaler,” Munster added.

SpaceXAI Taps Nvidia Vera For Grok

Nvidia’s earnings call offered further evidence of SpaceX’s growing AI scale. CFO Colette Kress named SpaceXAI among the lead partners already receiving Nvidia’s next-gen Vera CPUs.

“We expect Vera to be deployed by every major hyperscaler, neocloud, AI lab, and system OEM, with shipments already underway to our lead partners, including OCI, SpaceXAI, and starting this quarter, AWS,” Kress said.

SpaceXAI will use Vera to accelerate agentic workloads behind Grok, including executing code, processing data, orchestrating tools and running simulations between model calls. It also plans to extend an optimized Vera Rubin NVL72 system into orbit aboard its first-generation Starmind satellite.

Nvidia said Vera completes agentic tasks 1.8 times faster and delivers five times the bandwidth per watt of any other data-center CPU. The company sees $20 billion in server-CPU demand and expects CPU revenue to more than double in fiscal 2028.

AI Demand Outruns Nvidia’s Supply

Nvidia reported adjusted earnings of $2.22 per share on revenue of $96.2 billion, beating estimates of $2.09 and $92.18 billion, respectively. Data-center revenue surged 117% year over year to $89 billion, including $49 billion from hyperscalers and $40 billion from ACIE, up 138%.

Nvidia expects fiscal 2028 revenue to grow 70%, despite supply constraints likely lasting through year-end. “Even though our demand is much greater than 70%, our supply allows us to confidently deliver 70%,” CEO Jensen Huang said.

Vera Rubin production shipments began earlier this month, with orders from every major hyperscaler, AI cloud and system manufacturer. Nvidia expects its fastest-ever product ramp, citing 30 times greater throughput and 35 times lower token costs than Grace Blackwell Ultra. The platform also raises Nvidia’s revenue opportunity from $25 billion to $40 billion per gigawatt.

Musk Goes All-In On Nvidia

Musk earlier said that SpaceX would exclusively use Nvidia chips in its AI data centers, citing their “best architecture” for training and inference. He also expects a “significant allocation” of Vera Rubin GPUs next year.

Meanwhile, Nvidia’s exposure extends beyond chip sales. Its 122.8 million SpaceX shares were worth about $21 billion at the end of the second quarter, though their value recently fell to $17.2 billion as SpaceX stock declined to around $140.

How Do Retail Traders Feel About SPCX?

On Stocktwits, retail sentiment for SPCX declined to ‘bearish’ from ‘neutral’ levels a week ago amid a 6% rise in 24-hour message volumes.

One user said, “$SPCX Nvidia one of our partners and investors blew it out tonight . Has to help us a bit.”

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A separate bearish user said, “$SPCX If Terafab gets built and space‑based computing power is deployed at scale, I believe the stock could hit $500. Until then, $100 is the fair price.”

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SPCX stock has fallen 13% over the past three months. 

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