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SpaceX’s AI capital spend jumps to $15.8 bn, beating forecasts and sending its shares down 10%, while Nvidia rises 4% on the announced partnership.
SpaceX reported $15.8 bn in AI‑related capital expenditures for the quarter, far above the $13.09 bn analysts expected and roughly double the prior quarter’s spend, prompting a more than 10% plunge in its shares after a brief rally [1].
| At a glance | |
|---|---|
| AI capex | $15.8 bn (vs. $13.09 bn forecast) |
| Total capex | $18.4 bn (AI ≈ 86% of total) |
| Stock move | –10% after intraday +9% rally |
| Nvidia stock | +4% on partnership news [3] |
SpaceX’s quarterly filing showed AI infrastructure costs ballooning to $15.8 bn, a 100% increase from the previous quarter and well above Bloomberg‑derived consensus of $13.09 bn [1]. The AI unit, xAI, accounted for most of the company’s $18.4 bn total capex, underscoring the scale of its push into generative‑AI services such as Grok. Investors, already wary of the upcoming insider‑sell window that could release up to 20% of the 13.9 bn shares, reacted sharply, wiping out more than 10% of the stock’s value after an earlier 9% surge [1].
In the same filing, SpaceX announced a partnership with Nvidia to build its AI infrastructure exclusively on Nvidia’s “Vera Rubin” architecture, which Elon Musk described as “the best AI computer.” The news lifted Nvidia shares roughly 4% in after‑hours trading [3]. The endorsement aligns with Nvidia’s ongoing narrative of high‑margin growth and aggressive innovation, though the source does not claim the partnership will directly boost earnings. Competing datacenter players such as AMD saw their shares dip as investors re‑priced the competitive landscape [1].
During the CNBC Investing Club livestream, Jim Cramer highlighted Honeywell Aerospace—recently spun off from Honeywell—as “the most undervalued stock we have” in his portfolio, noting that the shares have fallen about 1% since the spin‑off while the broader S&P 500 rose roughly 4% [3]. Cramer’s comment adds a separate valuation narrative to the day’s market chatter, but no quantitative target was disclosed.
The juxtaposition of SpaceX’s massive AI outlay and the resulting market volatility highlights the fine line between growth ambition and investor patience, while Nvidia’s partnership underscores the premium placed on AI‑centric hardware in today’s tech ecosystem.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Aug 5, 2026 · How we report
The index was buoyed by a decline in oil prices and strong earnings reports from companies like Caterpillar and Palantir Technologies.
AI‑related momentum stocks fell sharply, with the iShares MSCI USA Momentum Factor ETF dropping 13%, its worst monthly performance since April 2022.
Analysts see the recent pullback in AI momentum as a correction within a two‑year AI spend cycle and view the broader market as resilient, suggesting continued diversification across sectors.