According to TechNews, SpaceX plans to build its AI data centers entirely on NVIDIA (輝達) chips and targets AI compute capacity above 2GW by end-2026, rising to near 10GW by end-2027. Bernstein analyst Madison Rezaei said the market fears NVIDIA may prioritize GPU allocation to SpaceX ahead of the cloud providers it backs — a concern surfacing just as CoreWeave and Nebius prepare to report earnings on August 11 and 12.
SpaceX's Expanded NVIDIA Partnership and Its Compute Targets
Speaking on an earnings call on August 4, Elon Musk said SpaceX's planned AI data centers will run entirely on NVIDIA (輝達) chips, according to TechNews. TechNews further reported that SpaceX expects its AI compute capacity to exceed 2GW by the end of 2026, expanding to near 10GW by the end of 2027.
Beyond terrestrial data centers, SpaceX also said it is working with NVIDIA to design the compute payload for the Starmind AI1 satellite, aiming to deliver datacenter-class computing power in space, per TechNews.
Analysts Warn of GPU Allocation Risk as CoreWeave and Nebius Head Into Earnings
Bernstein analyst Madison Rezaei said the market is concerned NVIDIA could prioritize GPU allocation to SpaceX — potentially even ahead of the cloud providers NVIDIA itself has backed, TechNews reported.
That concern lands just as two of those NVIDIA-backed cloud providers face investor scrutiny. CoreWeave is scheduled to report earnings on August 11, and Nebius on August 12, per TechNews. Citing FactSet, TechNews reported that Wall Street expects CoreWeave's per-share loss to widen substantially from a year earlier, even as revenue is projected to more than double. Nebius's per-share loss is also expected to widen from a year earlier, with revenue forecast to surge 442% year-over-year to $570 million, TechNews reported.
Nebius has additionally become a short-selling target for well-known investor Michael Burry, and its data center expansion plans face opposition from local U.S. communities, according to TechNews.
NVIDIA's Separate Mega-Deal With Meta: Scale, Concentration, and the Grace CPU Pitch
In a development reported separately by Cnyes, NVIDIA (輝達) and Meta announced on February 17 an expanded, multi-year, cross-generation partnership under which NVIDIA will supply Meta with millions of Blackwell and Rubin GPUs, along with CPUs and networking products. NVIDIA did not disclose the deal's value, but Cnyes reported that analysts estimate it could be worth as much as $50 billion.
Cnyes noted that Meta is widely regarded as one of NVIDIA's top four customers, and that in its most recent quarter, NVIDIA's top four customers together accounted for 61% of revenue — underscoring how concentrated NVIDIA's largest deals already are.
On the technology side, Ian Buck, NVIDIA's general manager of hyperscale and high-performance computing, told Cnyes that the Grace CPU has already shown energy efficiency gains in common workloads — for example, cutting power consumption by half when running databases — with the next-generation Vera chip expected to deliver further improvement.
Stock Reactions and the Search for Alternatives
According to Cnyes, Meta's stock has fallen about 3.3% year-to-date, while Microsoft (微軟)'s has dropped more than 17% over the same period.
Cnyes also reported that alongside NVIDIA's announcement of the expanded Meta partnership, reports emerged that Meta is separately pursuing its own AI chip program and discussing with Google the possible use of Google's Tensor Processing Units (TPU) for AI computation.
Key Figures at a Glance
| Metric | Value | Source |
|---|
| SpaceX AI compute capacity (end of 2026) | >2GW | TechNews |
| SpaceX AI compute capacity (end of 2027) | ~10GW | TechNews |
| CoreWeave earnings date | Aug. 11 | TechNews |
| Nebius earnings date | Aug. 12 | TechNews |
| Nebius revenue growth forecast (YoY) | +442% to $570M | TechNews |
| NVIDIA–Meta deal estimated value | $50 billion | Cnyes |
| NVIDIA top-4 customer revenue concentration | 61% | Cnyes |
| Grace CPU database workload power savings | 50% | Cnyes |
| Meta stock, year-to-date | -3.3% | Cnyes |
| Microsoft stock, year-to-date | -17% | Cnyes |
What This Means
Taken together, the two reports describe NVIDIA's supply chain pulling in two directions at once. On one side, SpaceX's own compute ramp — from over 2GW by end-2026 to near 10GW by end-2027 — comes with Musk's pledge to run entirely on NVIDIA chips, which Bernstein's Rezaei says is fueling market worry that NVIDIA-backed cloud providers could be deprioritized. That worry precedes earnings from CoreWeave and Nebius, both of which are already showing widening per-share losses even as revenue grows sharply (Nebius +442%), and Nebius separately faces a short-seller and local community pushback. On the other side, NVIDIA's top four customers — including Meta, per Cnyes — already account for 61% of its revenue, and the up-to-$50-billion Meta deal only deepens that concentration. Yet Meta's own stock has underperformed (-3.3% YTD) and it is reportedly exploring Google's TPUs as an alternative — suggesting that even NVIDIA's largest, most concentrated customer relationships are not insulating either side from supply and diversification pressure.