Elon Musk репостнул(а)

Kyle Reidhead | Milk Road

@KyleReidhead

$SPCX isn't just building compute faster than every other neocloud It has something none of them have: OPTIONALITY on every GPU it deploys Every GW SpaceX brings online has two paths to revenue: 1. use it for Grok / xAI and capture the frontier model economics themselves, which generates more revenue than renting it out (Semianalysis estimates around $100B/GW) 2. rent it out to everyone else, at a premium The reason SpaceX can rent out their compute at a premium is twofold: 1. Speed. SpaceX builds faster than anyone on earth, so they can get compute into customers' hands faster than any competitor. AI labs that need compute NOW pay up for that 2. The backstop. SpaceX can sign short-term contracts at higher prices because if a customer backs out, that compute simply goes to their own AI models. No empty racks, no panic CoreWeave and Nebius can't take that risk, so they lock in most long-term deals at lower rents and fund the buildout with debt Which brings us to funding, which is where the gap between these companies gets even wider SpaceX doesn't have to fund the buildout (or the interest costs) from compute revenue alone. Starlink and launch cash flows can carry part of it. CoreWeave is paying 15% on unsecured bonds right now while SpaceX has diversified revenue streams across the whole company (and the best capital raiser alive running it) And the part almost nobody is pricing in: as compute moves to space in the next few years, SpaceX owns the cheapest path to win there too. The rockets that bring the compute up AND the connectivity that beams it back down That's why the chart above looks the way it does. Bloomberg Intelligence models SpaceX's AI ROIC going from negative 4% in 2026 to ~25% by 2030, above AWS and Google Cloud, while the pure neoclouds stay stuck in single digits No one is better positioned to dominate the compute business in the coming years than SpaceX This is why I still believe SpaceX is undervalued and why I've made it a core holding in my Milk Road PRO portfolio. You can see my entire real-time portfolio here:

Kyle Reidhead | Milk Road@KyleReidhead· 14 окт. 2026 г.

Is SpaceX competition hurting the valuation / credit risk of Neoclouds? $CRWV and $NBIS down 10%+ today, while $SPCX down just 2% (and UP on the month) The obvious trigger is credit risk, with CoreWeave's unsecured bonds yielding 15% But in the last week, Elon also confirmed

16:30 · 14 октября 2026 г. · 56,1 тыс. просмотров

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