When Elon Musk and Space Exploration Technologies (NASDAQ: SPCX) announced the company's third-quarter earnings results on Oct. 20, there was incredible news for Nvidia (NASDAQ: NVDA) and its shareholders. On the Q3 earnings call, Musk said the space and artificial intelligence (AI) company plans to aggressively ramp up its AI infrastructure spending to deliver annual recurring revenue (ARR) between $500 billion and $1 trillion by the end of 2027. Musk had already announced in August, during the company's first earnings conference call, that SpaceX would use Nvidia chips exclusively moving forward. At that time, he said Nvidia's Vera Rubin architecture was the best on the market and that SpaceX greatly valued its partnership with Nvidia. The two companies are also working together to develop chips that can withstand cosmic radiation and work in orbital data centers. During that August conference call, Musk anticipated that SpaceX would end the year with 2 gigawatts of compute power. Meanwhile, he expected the company's end-of-2027 cumulative computing capacity to be closer to 10 gigawatts than 5 gigawatts. That was a strong indication that SpaceX could triple its AI spending in 2027.
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