SpaceX's Terafab Will Be Bigger Than Any Building on Earth. Here's When Investors Will Profit.

SpaceX is partnering with Tesla to build Terafab, a massive 100 million-square-foot semiconductor manufacturing facility expected to cost $55-119 billion. Construction begins December 2026, with the first phase coming online in 2028. The facility is critical for both companies' AI ambitions, but investors shouldn't expect meaningful financial contributions until 2029 at the earliest, with significant cash flow drag in the interim.