--- title: "Nvidia Q2 Preview: SpaceX Is Becoming the 'Fifth Horseman,' Gene Munster Says" type: "News" locale: "en" url: "https://longbridge.com/en/news/296931540.md" description: "Nvidia is set to report Q2 earnings, with analysts expecting revenue of $92.01 billion and EPS of $2.09, continuing a streak of beating estimates. Gene Munster highlights the importance of hyperscaler versus data center growth, noting SpaceX as a potential 'fifth horseman' customer. He anticipates Nvidia will beat estimates by 4% and raise guidance. Stock is up 1.8% to $212.25." datetime: "2026-08-25T14:32:41.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296931540.md) - [en](https://longbridge.com/en/news/296931540.md) - [zh-HK](https://longbridge.com/zh-HK/news/296931540.md) generator: "portal-rs" --- # Nvidia Q2 Preview: SpaceX Is Becoming the 'Fifth Horseman,' Gene Munster Says **Nvidia Corporation** (NASDAQ:NVDA) looks to keep a streak of beating analyst estimates in play with second-quarter financial results coming Wednesday after market close. Here are the earnings estimates for the second quarter and what one expert is saying about the earnings report. ## Nvidia Q2 Earnings Estimates Analysts expect Nvidia to report second-quarter revenue of $92.01 billion, up from $46.74 billion in last year’s second quarter, according to data from Benzinga Pro. The company has beaten analyst estimates for revenue in 15 straight quarters. Analysts expect Nvidia to report second-quarter earnings per share of $2.09, up from $1.04 in last year’s second quarter. The company has beaten analyst estimates for earnings per share in 14 straight quarters. **Read Also: Nvidia Earnings Preview: Stock Has Dropped After 5 of Last 6 Reports, and 'A Simple Beat May Not Be Enough'** ## Gene Munster on Nvidia Earnings Ahead of the second-quarter earnings report, Deepwater Management managing partner **Gene Munster** shared what he thinks are the keys to the company’s earnings report and shares trading higher. "I expect them to do what they have done over the past few quarters: beat by 4% and raise revenue guidance for October by 3%," Munster wrote in a blog post. Munster said investors will want to see hyperscaler growth of 8% year-over-year and ACIE (data centers) growth of 150% year-over-year. The investor says it’s important that ACIE has higher growth, as that is the segment that has "more potential to drive long-term growth." "The Data Center segment split that began to be reported last quarter underscores that Nvidia’s business is becoming less dependent on hyperscalers. This is a positive for the story." **SpaceX** represented around 4% of revenue in the quarter and has the potential to become a 10% customer by the end of calendar 2027, Munster said. For Nvidia, the company has four horsemen, according to Munster: **Amazon, Google, Meta** and **Microsoft**. Those four make up around 80% of Nvidia’s data center revenue. Munster says SpaceX is becoming the “fifth horseman.” On the subject of China, Munster doesn’t expect any new "material commentary" on the potential revenue from the country. "China is such a massive opportunity, about a quarter of global GPU spending, that the topic of when Nvidia can get back in there is almost guaranteed to come up on the call." ## Nvidia Stock Price Action Nvidia stock is up 1.8% to $212.25 on Tuesday versus a 52-week trading range of $164.07 to $236.54. 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