Elon Musk told SpaceX's first earnings call as a public company that the rocket maker will build its AI infrastructure exclusively on Nvidia hardware. AMD shares fell on the news even after posting a record quarter, while Nvidia's scale and growth in data centers continue to pull further ahead of its rival.
Musk locks SpaceX into Nvidia's Vera Rubin platform
During SpaceX's second-quarter earnings call, Musk said the company had decided to build exclusively on Nvidia, citing the Vera Rubin architecture. According to Motley Fool, Musk told the call: "we've decided to build exclusively on Nvidia". Nvidia is also a shareholder in SpaceX, making the arrangement more than a standard vendor deal.
AMD's record quarter couldn't stop the stock drop
AMD shares dropped roughly 9% after the announcement. The company had just reported record quarterly revenue of $11.5 billion, up 50% year-over-year. Nvidia, meanwhile, ticked up between 2% and 3.4% on the news.
SpaceX's AI business is scaling fast
SpaceX's AI-related revenue reached $2.56 billion in the quarter, a 247% jump, out of total quarterly revenue of $7.81 billion. The company had installed 1.4 gigawatts of compute capacity as of June 2026 and is targeting 10 gigawatts by the end of 2027. Part of that build-out is Starmind, a satellite payload built on Nvidia's Vera Rubin NVL72 system.
Nvidia's data center scale dwarfs AMD's
Nvidia's market cap stands at roughly $5.3 trillion versus AMD's $830 billion. Nvidia's data center revenue reached $89 billion in the same quarter, up 117% year-over-year. AMD's data center segment brought in $6.7 billion, up 107% year-over-year. Nvidia also trades at a far lower valuation, with a forward P/E around 23 against AMD's roughly 67.
Other customers are backing that growth with large, multiyear commitments. Anthropic's cloud deal with SpaceX is worth $1.25 billion a month through 2029, covering access to roughly 325,000 Nvidia GPUs across the Colossus and Colossus II supercomputers. Google Cloud has committed $920 million a month for around 110,000 Nvidia GPUs through mid-2029.
Sources: Motley Fool, Crypto Briefing
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