Nvidia’s earnings report shows its SpaceX relationship deepening
Nvidia (NVDA) reported blowout fiscal Q2 results, but under the surface was the budding growth it’s having with a major partner: SpaceX (SPCX).
Nvidia posted revenue of $96.2 billion, up 106% year over year, with Data Center sales of $89.0 billion, up 117%, but the SpaceX angle is tied to guidance and the buildout, plans rather than the reported numbers.
CFO Colette Kress told analysts that Nvidia’s next-generation Vera CPU is already shipping to its earliest customers, with SpaceX’s AI unit among the first.
“We expect Vera to be deployed by every major hyperscaler, neocloud, AI lab, and system OEM, with shipments already underway to our lead partners, including OCI [Oracle], SpaceXAI, and starting this quarter, AWS [Amazon],” Kress said during the earnings conference call.
Nvidia does not break out customer-level revenue, so SpaceX’s contribution is built on estimates. Deepwater Asset Management’s Gene Munster broke it down in a post on X:
“$SPCX accounted for about 5% of overall revenue. Last quarter, it was more like 3%. Looks like they moved $SPCX revenue from ACIE [AI, Clouds, Industrials, Enterprise] into Hyperscalers, which makes sense because SPCX is now a hyperscaler with 8GW coming online next year, same as $META (META) and $AMZN (AMZN).”
Applied to Nvidia’s $96.2 billion in quarterly revenue, that implies nearly $5 billion tied to SpaceX.
SpaceX being seen as a hyperscaler peer to Meta (META) and Amazon (AMZN) is a sign of its deepening interdependence with Nvidia. Alongside the earnings, Nvidia highlighted that SpaceXAI would adopt its Vera CPU to run the agentic workloads behind Grok, xAI’s chatbot, executing code and processing data.
“Vera gives us the CPU performance and memory bandwidth to run enormous amounts of orchestration, code, and data processing while keeping GPUs doing what they do best,” SpaceXAI president Mike Nicolls said in a statement.
Earlier this week, the two companies confirmed that a space-optimized Vera Rubin NVL72 rack-scale system for launch aboard SpaceX’s first-generation Starmind satellite will be coming in the fourth quarter of 2027, with a larger scale planned for 2028. The AI1 satellite design carries a 120-kilowatt compute payload, peaking at 150 kilowatts.
For Nvidia, SpaceX is emerging as both a top-tier terrestrial customer and the launch vehicle for putting its data center chips in orbit, while for SpaceX, Nvidia tech is becoming the backbone of its compute and AI ambitions.
Pras Subramanian is Lead Transportation Reporter for Yahoo Finance. You can follow him on X and on Instagram.
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