Elon Musk just gave a rare, chip-by-chip look at how fast SpaceX (SPCX) is building out its AI compute. (Short version: very, very fast.)
Replying to a post on X on Friday, Musk laid out what’s inside Colossus 2, the company’s second giant AI data center: “110k GB200 and 440k GB300.”
Then he added:
“Another 220k GB300 will be fully operational next week and another 220k in November. If we get lucky, yet another 220k GB300 by late December.”
(Why the oddly specific multiples of 110k? According to Musk, it’s “due to the number of fiber optic cables that can be plugged into a central switch.”)
That’s a lot of chips from NVIDIA (NVDA).
And “if we get lucky” – that means Colossus 2 will grow from 550k chips total to 1.21 million. (Of course, the actual impact on compute will be different since we’re talking about two different types of chips.)
Why all this capacity matters
Earlier this week, I wrote that SpaceX’s AI business is “a curious mix of speculative (can Grok compete with the frontier labs?) and predictable (strong cashflows from renting out compute in the Colossus 1 data center to Anthropic and Alphabet.”
On Thursday’s episode of TBPN, Jordan Nanos, whose team rates GPU cloud providers in its ClusterMax rankings, put a number on that “predictable” part:
“This is why we’ve seen SpaceX basically pivot and become a neocloud and sell to Anthropic and Google so successfully, because those guys are buying from anybody who in this case could turn on 200,000 GPUs overnight, so therefore they paid like a 3x premium to get in there.”
(A “neocloud” is the industry term for a newer company that rents out GPU capacity to others. Think of it as a landlord for AI chips.)
Put differently: roughly triple the going rate.
Here’s the thing
Of course, that premium probably reflects a moment when capacity was scarce. It’s a bit like hotel rooms for a football game: triple rates for one weekend, but not every weekend. Same deal here. And every GPU rented to Anthropic is one Grok can’t use.
But I don’t think the premium has to last for this to matter.
Even at ordinary rates, SpaceX has proven it can rent capacity to the biggest buyers in AI, and it’s about to have a lot more to rent. That gives the AI arm real value even if Grok never takes the lead.
It’s possible (and this is pure speculation) that some of those 660,000 new GB300s end up with renters rather than with Grok.
Of course, none of this comes cheap…
Of course, all for a good cause – the Anthropic and Alphabet deals give SpaceX plenty of cash to keep spending.
What this all means for SpaceX’s valuation, I do not know. There are a lot of moving pieces here.
But if you want to model that opportunity more precisely, you can quickly build with TIKR.com’s proprietary modeling tool to get a full financial model for what SpaceX stock could be worth in three years.
It’s simple, straightforward, and robust – using institutional-quality data – and you can build it for free.
Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
