Nvidia's story is increasingly being told through an unlikely partner: SpaceX.
A Seeking Alpha analysis published under the headline "Nvidia: It's All About SpaceX Now" argues the chipmaker looks undervalued heading into its Q2 FY27 earnings, and pins much of that case on SpaceX's ambitions in artificial intelligence infrastructure.
According to Seeking Alpha, SpaceX is planning data centers totaling 10 gigawatts of capacity — a scale that, in the publication's estimate, could translate into $120 billion to $230 billion in revenue for Nvidia.
Some context on what those numbers mean. A gigawatt is roughly the output of a large power plant, and AI data centers are measured in power because electricity, not floor space, is the binding constraint on how many chips you can run. Ten gigawatts would place SpaceX's plans among the largest computing buildouts anyone has proposed. Nvidia's graphics processors are the components that fill those buildings, which is why a customer's construction plans show up directly in forecasts for Nvidia's revenue.
It is worth being precise about what is established here and what is not. The revenue figures are an analyst's projection, not a disclosed contract value, and the source items available do not include confirmation from either company about deal terms, timing, or where the facilities would be built. Seeking Alpha publishes contributor analysis, so the estimate reflects one author's model rather than company guidance.
Why it matters: if a single private space company's data center plans can plausibly account for over a hundred billion dollars of demand for one supplier, it shows how concentrated — and how speculative — the economics of the AI buildout have become.