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

SpaceX is investing heavily in AI infrastructure, with capex reaching $15.8 billion in the last quarter (86% of total spending). The company has committed to exclusively using Nvidia's chips for its AI buildout, citing the Vera Rubin architecture as superior. While SpaceX's AI revenue tripled to $2.6 billion last quarter, the segment still posted a $1.3 billion loss. Nvidia emerges as the primary beneficiary of SpaceX's massive AI spending due to its profitable operations and reasonable valuation compared to SpaceX's highly valued stock.