SpaceX Is Spending Big on AI. The Biggest Winner From That Could Be Nvidia

SpaceX allocated $15.8 billion to AI infrastructure capex last quarter, representing 86% of its total spending, with NVDA securing the entire chip order. The company cited NVDA's Vera Rubin architecture as the driver behind its exclusive commitment to the chipmaker's hardware for AI buildout.

SpaceX's AI segment revenue tripled to $2.6 billion in the quarter but still posted a $1.3 billion operating loss, underscoring the unit's early-stage economics. The lopsided spending profile—capex dwarfing revenue—positions NVDA as the near-term financial beneficiary, capturing SpaceX's infrastructure spend while SpaceX absorbs the margin pressure.

NVDA's profitable operations and valuation relative to SpaceX's elevated stock price make it the cleaner play on SpaceX's AI ambitions, according to the analysis. The exclusive chip deal locks in a multi-billion-dollar revenue stream for NVDA as SpaceX scales its AI infrastructure.