TLDR
- SpaceX announced it will exclusively use Nvidia AI chips, citing the Vera Rubin architecture as the best available
- Nvidia stock rose 4.3% to $220.75 in early trading following the announcement
- Elon Musk said SpaceX targets ~2 gigawatts of compute capacity by end of 2026, rising to 10 gigawatts in 2027
- Nvidia-backed Volta Infra signed a $10 billion multi-year AI cloud deal with Anthropic to build European data centers using Nvidia chips
- Rival AMD fell 5% after earnings, highlighting Nvidia’s relatively low forward P/E of 19.4x vs AMD’s 44x
Nvidia stock jumped 4.3% to $220.75 in early trading after SpaceX confirmed it will build exclusively on Nvidia’s AI chip platform going forward.
Elon Musk made the announcement during a SpaceX earnings call, calling the Vera Rubin architecture “the best architecture” available. SpaceX selected the Vera Rubin NVL72 rackscale system for its upcoming Starmind satellite AI program.
SpaceX’s current ambitions are large. Musk said the company expects roughly two gigawatts of computing capacity by the end of 2026, with potential to scale to 10 gigawatts in 2027.
The company is also planning orbital data centers powered by Nvidia hardware, which would avoid the land and power constraints facing ground-based facilities. Some analysts remain skeptical about the long-term economics of that plan.
Volta Infra and the Anthropic Deal
On the same day, Nvidia-backed Volta Infra signed a $10 billion multi-year deal with Anthropic to deploy AI data centers across Europe, all built around Nvidia chips.
The back-to-back announcements cement Nvidia’s position in both space-based AI systems and European cloud infrastructure.
Nvidia now trades at a forward price-to-earnings ratio of around 19.4 times, according to FactSet. That compares favorably to AMD, which trades at roughly 44 times forward earnings.
AMD fell 5% on Wednesday after posting earnings that beat Wall Street expectations but failed to impress investors following a strong run-up earlier in 2026.
What It Means for Nvidia’s AI Narrative
The SpaceX exclusivity deal backs the idea that Nvidia’s Vera Rubin systems and software stack are becoming the default choice for large-scale AI infrastructure projects.
The Volta Infra and Anthropic deal adds long-duration cloud contracts to that picture, mirroring the AI factory theme analysts have tracked at Nvidia.
Bear case concerns remain, though. The deals highlight concentration in a handful of large, capital-heavy customers and projects. Analysts have flagged financing, power availability, and regulatory risks in this area.
The deals also do not directly address the risk of hyperscalers developing custom chips, or AMD and Intel competing for the same contracts.
Nvidia’s stock has returned 418.2% over three years and 1,005.1% over five years. The stock was a recent Barron’s pick when it was trading at around $226.
Nvidia’s own earnings report is due later in August 2026.
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