Deepwater Asset Management’s Gene Munster said Space Exploration Technologies Corp. (NASDAQ:SPCX) now accounts for about 5% of Nvidia Corp. (NASDAQ:NVDA) revenue, up from roughly 3% in the previous quarter, as Elon Musk’s company expands its artificial intelligence infrastructure.
SpaceX Emerges As Major Nvidia Customer
Applied to Nvidia’s $96.2 billion in second-quarter revenue, Munster’s estimate puts SpaceX-related sales near $4.8 billion. Nvidia has not disclosed SpaceX’s contribution or identified the customer behind the accounting change. Its filing only said it moved one company into its largest cloud-and-internet customer group after a business-model change.
"$SPCX accounted for about 5% of overall revenue. Last quarter it was more like 3%," Munster wrote on X. He said the change "makes sense because SPCX is now a hyperscaler with 8GW coming online next year, same as $META and $AMZN."
Nvidia separately said SpaceXAI will use its new Vera processors and expand Grok’s computing infrastructure with the Vera Rubin platform as it moves toward gigawatts of capacity. SpaceXAI also plans to use Nvidia technology in orbit through its first Starmind artificial intelligence satellite.
