SpaceX Spends $15.8 Billion on Nvidia AI Infrastructure

Space Exploration Technologies Corp. spent $18.37 billion on capital projects in the second quarter of 2026, with $15.83 billion dedicated specifically to artificial intelligence infrastructure. This investment, which represents 86% of the company's total capital expenditures, is more than double the $7.7 billion spent in the previous quarter. CEO Elon Musk announced that the company will build its AI capabilities exclusively using Nvidia's Vera Rubin architecture to support xAI operations, the Grok chatbot, and the platform X.

To fuel this expansion, SpaceX utilized a $93.5 billion cash reserve bolstered by a June initial public offering and a $25 billion bond sale. The company also expanded its software capabilities by closing a $60 billion all-stock acquisition of the AI coding company Cursor on August 14. While AI revenue grew 247% year-over-year to $2.6 billion, the segment incurred a $1.3 billion loss, meaning operations fund only 12% of the build-out.

Management targets an annualized revenue run rate of $100 billion by the end of the year. The company expects to reach two gigawatts of compute capacity this year, with a potential increase to 10 gigawatts by next year. Chief Financial Officer Bret Johnsen defended the spending, noting that the company is achieving a payback period of less than one year on AI compute capital.