--- title: "Elon Musk's SPCX Now Accounts for 5% of Nvidia Revenue, Gene Munster Says: 'The Script Has Flipped'" type: "News" locale: "en" url: "https://longbridge.com/en/news/297157786.md" description: "Gene Munster estimates SpaceX now accounts for 5% of Nvidia's Q2 revenue, approximately $4.8 billion, up from 3%. This shift reflects SpaceX's transition to a hyperscaler status with expanding AI infrastructure needs. Nvidia reported strong Q2 results with $96.2 billion in revenue, driven by data center sales. The reclassification alters growth metrics for Nvidia's customer segments, highlighting the deepening integration between Musk's company and Nvidia's chip technology." datetime: "2026-08-27T08:59:33.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/297157786.md) - [en](https://longbridge.com/en/news/297157786.md) - [zh-HK](https://longbridge.com/zh-HK/news/297157786.md) generator: "portal-rs" --- # Elon Musk's SPCX Now Accounts for 5% of Nvidia Revenue, Gene Munster Says: 'The Script Has Flipped' Deepwater Asset Management’s **Gene Munster** said **Space Exploration Technologies Corp.** (NASDAQ:SPCX) now accounts for about 5% of **Nvidia Corp.** (NASDAQ:NVDA) revenue, up from roughly 3% in the previous quarter, as **Elon Musk’s** company expands its artificial intelligence infrastructure. ## SpaceX Emerges As Major Nvidia Customer Applied to Nvidia’s $96.2 billion in second-quarter revenue, Munster’s estimate puts SpaceX-related sales near $4.8 billion. Nvidia has not disclosed SpaceX’s contribution or identified the customer behind the accounting change. Its filing only said it moved one company into its largest cloud-and-internet customer group after a business-model change. > $SPCX accounted for about 5% of overall revenue. Last quarter it was more like 3%. > > Looks like they moved $SPCX revenue from ACIE into Hyperscalers which makes sense because SPCX is now a hyperscaler with 8GW coming online next year, same as $META and $AMZN. > > If you put SPCX… https://t.co/tyKLDMYc7p > > — Gene Munster (@munster\_gene) August 26, 2026 "$SPCX accounted for about 5% of overall revenue. Last quarter it was more like 3%," Munster wrote on X. He said the change "makes sense because SPCX is now a hyperscaler with 8GW coming online next year, same as $META and $AMZN." Nvidia separately said SpaceXAI will use its new Vera processors and expand Grok’s computing infrastructure with the Vera Rubin platform as it moves toward gigawatts of capacity. SpaceXAI also plans to use Nvidia technology in orbit through its first Starmind artificial intelligence satellite. ## Munster Says Nvidia Growth Mix Flipped Munster said moving SpaceX changes how Nvidia’s customer growth looks on paper. Had SpaceX remained in Nvidia’s group for artificial intelligence cloud providers, industrial companies and enterprises, he estimated that category would have grown 160% from a year earlier, versus Wall Street’s 130% expectation. Growth among the biggest cloud and internet companies would have been 83%, roughly matching expectations. **Read Also: Michael Burry Says NVDA Stock Appears ‘Wildly Undervalued’ on Paper After Blowout Q2 Earnings, but Warns Nvidia Shares Are Still ‘Treading Water’** "This does not change the fact, the the script has flipped to ACIE having higher growth rates going forward vs. hyperscaler," Munster said. ## Nvidia Posts Another Blockbuster Quarter Nvidia’s quarter remained strong. Revenue jumped 106% year-over-year to $96.22 billion, topping Wall Street estimates, while data-center sales more than doubled to $89 billion. Adjusted profit reached $2.22 per share, also beating expectations. The chipmaker expects third-quarter revenue of about $108 billion, above Wall Street forecasts, while excluding China data-center computing sales. Gross margin held at 75% and is expected to ease to about 74% next quarter. CEO **Jensen Huang** said "The AI infrastructure buildout is at full steam," as Vera Rubin moves into full production. Nvidia also expects revenue to grow about 70% in its next fiscal year. According to **Benzinga Edge Stock Rankings**, SpaceX continues to show a negative price trend across the Short-, Medium- and Long-term periods. **Price Action:** SPCX was trading 0.84% higher at $140.80 in pre-market trading on Thursday. **Read Also: SpaceX Bulls Aren't Thinking Big Enough, Morgan Stanley Says** *Photo courtesy: Shutterstock* ### Related Stocks - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [NVDU.US](https://longbridge.com/en/quote/NVDU.US.md) - [NVDX.US](https://longbridge.com/en/quote/NVDX.US.md) - [NVDY.US](https://longbridge.com/en/quote/NVDY.US.md) - [NVDL.US](https://longbridge.com/en/quote/NVDL.US.md) - [NVDQ.US](https://longbridge.com/en/quote/NVDQ.US.md) - [NVD.US](https://longbridge.com/en/quote/NVD.US.md) - [NVDS.US](https://longbridge.com/en/quote/NVDS.US.md) - [07788.HK](https://longbridge.com/en/quote/07788.HK.md) - [SPCX.US](https://longbridge.com/en/quote/SPCX.US.md) - [SPCH.US](https://longbridge.com/en/quote/SPCH.US.md) - [SPCF.US](https://longbridge.com/en/quote/SPCF.US.md) - [SPAL.US](https://longbridge.com/en/quote/SPAL.US.md) - [SNK.US](https://longbridge.com/en/quote/SNK.US.md) - [SSPC.US](https://longbridge.com/en/quote/SSPC.US.md) - [SPCU.US](https://longbridge.com/en/quote/SPCU.US.md) - [LOFF.US](https://longbridge.com/en/quote/LOFF.US.md) - [NVDB.US](https://longbridge.com/en/quote/NVDB.US.md) - [NVDD.US](https://longbridge.com/en/quote/NVDD.US.md) - [NVDG.US](https://longbridge.com/en/quote/NVDG.US.md) - [NVDO.US](https://longbridge.com/en/quote/NVDO.US.md) - [NVDW.US](https://longbridge.com/en/quote/NVDW.US.md) - [NVYY.US](https://longbridge.com/en/quote/NVYY.US.md) - [NYYY.US](https://longbridge.com/en/quote/NYYY.US.md) - [DIPS.US](https://longbridge.com/en/quote/DIPS.US.md) - [MAGX.US](https://longbridge.com/en/quote/MAGX.US.md) - [SMH.US](https://longbridge.com/en/quote/SMH.US.md) - [SOXX.US](https://longbridge.com/en/quote/SOXX.US.md) - [SOXL.US](https://longbridge.com/en/quote/SOXL.US.md) - [SOXQ.US](https://longbridge.com/en/quote/SOXQ.US.md) - [XSD.US](https://longbridge.com/en/quote/XSD.US.md) - [PSI.US](https://longbridge.com/en/quote/PSI.US.md) - [FTXL.US](https://longbridge.com/en/quote/FTXL.US.md) - [07388.HK](https://longbridge.com/en/quote/07388.HK.md) - [09388.HK](https://longbridge.com/en/quote/09388.HK.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md) - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) ## Related News & Research - [Nvidia (NVDA) Earns Price-Target Upgrades After Monster Q2](https://longbridge.com/en/news/297214744.md) - [BMO Just Named Nvidia a Top Pick as It Initiates Coverage. What This Means for NVDA Stock.](https://longbridge.com/en/news/296944132.md) - [Nvidia Announces That Groq 3 LPX Is in Full-Scale Production. What This Means for NVDA Stock.](https://longbridge.com/en/news/297061440.md) - [Nvidia Q2 Preview: SpaceX Is Becoming the 'Fifth Horseman,' Gene Munster Says](https://longbridge.com/en/news/296931540.md) - [Wedbush Delivers Blunt Message on Nvidia Stock Ahead of Earnings](https://longbridge.com/en/news/296948993.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**