SpaceX capex in the next 5 quarters needs to hit ~$470 BILLION to reach 13 GW by EOY '27 (Elon's new guide) The BIGGEST WINNER of this capex is NVIDIA, taking 83-89% of the entire expense! If Elon builds all 13 GW, that's $414B of $NVDA revenue from ONE customer. That's $310B of gross profit and $200B of net income for NVIDIA! Let me put that number in context: - Nvidia's ENTIRE revenue last year was $216B. One customer is about to pay them nearly double that in 5 quarters But here's the part that is important to understand from a trend perspective: Nvidia's cut of every dollar is going UP - Blackwell era: ~$25B of every $30B per GW goes to Nvidia (83%) - Vera Rubin era (ships at scale from Q2'27): ~$40B of every $45B per GW (89%) SpaceX is famous for vertical integration. They build their own power, their own buildings, their own everything to cut costs... But you can't vertically integrate Nvidia GPUs, they are too good of a product to try and replicate This is the pattern I keep coming back to: whoever wins the AI race, Nvidia gets paid. Every GW announcement, every "new hyperscaler," every compute arms race headline is just an Nvidia purchase order in disguise I own both $NVDA and $SPCX, as I believe these two companies will be the clear AI winners in the coming years Myself and the 4 other analysts at Milk Road PRO share our full portfolios, every trade with live notifications, and the research behind it all. Try it for $1 (insane price just to check it out). See link in bio to join