A new hosting deal will add about $13 billion in ARR from Dec.1, boosting SpaceX’s confidence in its $100 billion year-end target.
- SpaceX plans to expand terrestrial AI compute capacity from just over 2 GW in 2026 to 5-10 GW in 2027.
- Johnsen said SpaceX has visibility into the power, facilities and permits needed for the buildout, with electricity emerging as AI’s main constraint.
- SpaceX sees sustained demand for compute, with Johnsen saying “almost everybody” in the AI industry has approached the company.
SpaceX CFO Bret Johnsen said that the company’s “very strong” relationship with Nvidia could support its access to key AI processors as it prepares to expand its terrestrial computing capacity from just over 2 gigawatts at the end of 2026 to between five and 10 gigawatts in 2027.
SPCX stock is on track for its third consecutive weekly gain, rising about 0.2% so far this week.
SpaceX CFO Touts Nvidia Partnership
Speaking at Goldman Sachs’ Communacopia + Technology Conference late Thursday, Johnsen reiterated that SpaceX will rely exclusively on Nvidia hardware for its expanding AI infrastructure. “We came out and talked about the fact that we’re NVIDIA exclusive,” Johnsen said.
During SpaceX’s first public earnings call last month, CEO Elon Musk said the company had chosen to build its data-center infrastructure exclusively on Nvidia because it viewed the chipmaker’s Vera Rubin architecture as the best AI computing platform available.
“That strong relationship, we hope, certainly will translate into good allocation from a compute perspective because that’s the piece that we don’t control,” Johnsen said.
The CFO added that SpaceX has visibility into the power, facilities and permits needed to support its 2027 target. He said Musk’s earlier prediction that electricity would become AI’s principal constraint was already playing out across the industry.
“It feels like almost everybody,” he said. “There might be one company that hasn’t called us, and we haven’t called them.” SpaceX does not expect the AI boom to slow next year, with Johnsen predicting demand will continue “up and to the right in a meaningful way.”
The company already has major compute relationships with Anthropic and Google. Their disclosed agreements are worth $26 billion annually if fully performed, with Google’s capacity package including access to about 110,000 Nvidia GPUs.
SpaceX signed another hosting deal with an undisclosed customer earlier this month that is expected to generate about $1.11 billion per month beginning Dec.1, or about $13 billion in annual recurring revenue. Johnsen said the agreement gave the company “even more conviction” in its $100 billion year-end ARR target.
SpaceX Preserves AI Compute For Grok
Most of SpaceX’s hosting agreements carry commitments of about six months, allowing the company to generate revenue today while retaining flexibility to redirect capacity toward Grok and its other AI products. “You do not want to get in a situation where you constrain your own products…because you were giving away the compute forever,” Johnsen said.
He also said that the economics reduce the risk of SpaceX’s substantial infrastructure spending. “The risk related to these investments for us is dramatically less when we are in less than a one-year payback mode,” Johnsen said, adding that older Nvidia GPU generations continue to command strong pricing.
Nvidia also owns nearly 123 million SpaceX shares, a holding valued at almost $21 billion at the end of June.
SpaceX Stock Eyes $195 On Bullish Pattern
Frank Cappelleri, founder and president of CappThesis, identified a potential bullish cup-and-handle pattern in SpaceX shares, with a higher low near $130 and a handle forming since mid-August. A confirmed breakout above $150 would complete the setup and point to a measured-move target of about $195, which is 32% above current levels and near the stock’s post-IPO highs.
Shares briefly hit $154.70 on Thursday before paring gains to 0.4%, leaving the breakout unconfirmed, though the stock outperformed the S&P 500 and Dow, which both fell about 0.6%. Cappelleri also highlighted SpaceX’s position above its rising 20-day and newly formed 50-day moving averages as constructive signals.
The gain followed SpaceX’s 104th Falcon 9 launch of 2026, which carried a classified U.S. Space Force payload. However, expiring post-IPO lockups could pressure the rally: only about 2.6 billion of SpaceX’s more than 13 billion shares currently trade publicly, with another 2.3 billion set to become eligible by year-end.
How Do Retail Traders Feel About SpaceX?
On Stocktwits, retail sentiment for SpaceX has been ‘bearish’ over the past week amid ‘low’ message volume.
One user said, “$SPCX another day another rejection at $150. Another 3.4% of shares are getting unlocked Aug 20. More sell pressure.”
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Another user said, “If $SPCX keeps holding the $145–146 area and starts reclaiming $150+, I think this base gets more and more legitimate.”
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SPCX stock has declined 8% over the past three months.
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