SpaceX’s Idle GPUs Turn Into a $27.8 Billion Revenue Machine as Index Entry Looms

SpaceX’s vast data centers were barely a third full earlier this year — running at just 11% utilization — but a rapid pivot to leasing out unused Nvidia hardware is now generating a monthly torrent of cash. The company announced three new leasing agreements for AI computing capacity that together will funnel an average of $2.32 billion into its coffers each month, translating into an annualized run?rate of $27.8 billion. That figure handily exceeds SpaceX’s entire corporate revenue for 2025.

The largest deal is with Anthropic, which has committed to buying $1.25 billion worth of GPU time every month until May 2029, securing access to roughly 220,000 Nvidia chips. Google follows with a $920-million-a-month contract for 110,000 chips that kicks off in October 2026 and runs through mid?2029. A smaller pact with Reflection AI rounds out the portfolio. The news sent shares up 4% on Wednesday to around $170, extending a rally that began in late June when the stock jumped 7% to $164.19 on a separate partnership with Charter Communications to route mobile Starlink traffic through terrestrial networks.

A Hefty Price Tag for Growth

The revenue boost comes at a critical juncture. SpaceX posted a net loss of $4.94 billion in 2025 — a stark reversal from the prior year’s profit — after pouring $12.7 billion into AI infrastructure. The first quarter of 2026 did little to ease the pain: revenue of $4.69 billion was overshadowed by a $4.3 billion loss. Only the Starlink satellite unit is delivering reliable earnings, with an operating profit of $1.19 billion in Q1. Analysts caution that consolidated net income won’t turn positive before 2028.

Should investors sell immediately? Or is it worth buying SpaceX?

Wedbush’s Dan Ives, who rates the stock “Outperform” with a $190 target (16% upside), now views SpaceX primarily as a rival to hyperscalers such as Microsoft. He points to demand for high?performance chips exceeding supply by a factor of 12. Yet the broader valuation remains contentious. The company’s $2.1 trillion market cap — more than 100 times expected 2025 revenue — dwarfs Morningstar’s fair?value estimate of $780 billion.

Forced Buying Meets a Minuscule Float

All eyes are on July 7, when SpaceX will be fast?tracked into the Nasdaq?100 index. J.P. Morgan calculates that passive funds will have to buy about $4.3 billion of stock that evening. The problem: the free float is a mere 4% to 6% of total shares, creating what traders describe as a toxic combination of massive demand and microscopic supply. The resulting squeeze could propel the stock well above current levels. TradingKey has set short?term targets of $187.60 and $207.59.

Once the index?related buying is done, the next milestone arrives on August 6, when the lock?up on roughly 20% of insider shares expires — the same day SpaceX reports second?quarter earnings. If even a fraction of those shares enter the open market, the upward pressure from July could quickly reverse. For now, the story is about a company that transformed idle chips into a billion?dollar monthly annuity, even as its core rocket business continues to invest heavily for the future.

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SpaceX Stock: New Analysis - 1 July

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