Elon Musk used a recent all-hands meeting to tell SpaceX employees that the company they know as a rocket business is about to become something else entirely. His message was unmistakable: “Long-term, probably in four or five years, AI will be 99% of the value of SpaceX. I’d say five years for sure, AI will be 99% the value of SpaceX. And the value of SpaceX will be some astronomical number.”
That forecast carries more weight because Musk said the crossover begins almost immediately. For retail investors, the clearest beneficiary is NVIDIA (NASDAQ: NVDA | NVDA Price Prediction), trading at $224.09 and up 20.16% year to date.
The September Crossover
Musk told the room, “Definitely our AI revenue will exceed all other space revenue probably in September, like next month” and that SpaceX would “significantly exceed all other space revenue in the fourth quarter.” He added, “AI has become an extremely important part of SpaceX’s future. I think it’s actually vital that we succeed in AI, not just in hardware, but also in software.”
SpaceX’s first earnings call on August 4 put numbers behind the rhetoric. Revenue climbed 92% to $7.8 billion, while AI revenue reached $2.6 billion, up 213% sequentially. The company also reported $14.1 billion in contracted cloud services agreements, including deals with Anthropic and Google.
The Compute Pledge Behind the Quote
On the same call, Musk committed SpaceX’s AI stack to NVIDIA’s Vera Rubin architecture. He set a tentative target of 20 gigawatts of power and cooling capacity by year-end 2027, saying that even with delays, the company would likely reach “close to 15 gigawatts.” SpaceX ended Q2 with 1.4 gigawatts of nameplate compute and expects to top 2 gigawatts by year-end 2026. Musk added, “Our understanding with Nvidia is that we will receive a very significant percentage of their GPUs next year.”
That commitment from a single customer explains why Melius Research analyst Ben Reitzes believes even 2 to 3 gigawatts of execution in calendar 2027 could generate roughly $100 billion in incremental NVIDIA revenue. His speculative upside case reaches $1 trillion at current margins.
Why NVIDIA Investors Should Care
Jensen Huang’s own bird’s eye view already reads like the demand-side match to Musk’s supply pledge. In Q1 FY2027, NVIDIA posted revenue of $81.615 billion, up 85.23% year over year, with Data Center revenue of $75.246 billion and non-GAAP EPS of $1.87. Huang described the moment as “the buildout of AI factories, the largest infrastructure expansion in human history,” and management guided Q2 revenue to $91.0 billion, plus or minus 2%, with $119.0 billion in total supply-related commitments.
The date to watch is NVIDIA’s August 26 earnings report. If Musk’s September revenue crossover shows up in future SpaceX disclosures and NVIDIA’s guidance reflects the Vera Rubin allocation Musk described, the “99%” framing stops sounding like hyperbole and starts reading like a roadmap.
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