$SPCX is about to become the largest neocloud in the world

And Goldman's numbers show it's charging the HIGHEST rents in the market (more than Nebius or CoreWeave)

SpaceX had 1.4GW of compute live at the end of June, the guided to 2GW by year end (though Elon is saying 2.6 now) and are aiming for close to 10GW by the end of 2027

For context, CoreWeave is targeting ~1.7GW this year and 8GW by 2030.

But it’s not just about size…

Long-term hosting deals (Nebius, IREN) go for $20-30B per GW per year, short-term deals go for $40-50B and this is where SpaceX has the edge

Deutsche Bank estimates SpaceX's last 2 leases came in at $60-61M per MW, which is $60B+ per GW (wow!)

So why does SpaceX have an Edge?

Because SpaceX builds faster than anyone on earth, and right now AI labs that needs compute NOW will pay whatever it takes to get it

And here's the part most people miss: Grok/xAi is the tenant of last resort

Normally short-term contracts are scary for a landlord. If the customer walks, you're stuck with empty racks and a mountain of debt. That's exactly why Nebius and IREN lock in long-term deals at lower prices

SpaceX doesn't have that problem. If a customer leaves, Grok soaks up the capacity

So they can rent short-term, at premium prices, and reprice every time a contract rolls (which is a massive edge)

SpaceX's CFO said last month its compute deals are already running at $41.1B per year

The Street expects compute leasing to be ~60% of SpaceX's revenue in 2027. Bigger than Starlink and Bigger than rockets… By a long shot!

This is what leads me to believe $SPCX is going to $5T by next year in market cap.

MilkRoad Capital