Nvidia’s latest revenue forecast has left Wall Street analysts searching for explanations, with SpaceX increasingly cited as a significant factor behind the chipmaker’s surging numbers.
The company projected third-quarter revenue of $108.0 billion, plus or minus 2%, comfortably ahead of analysts’ average estimate of $104.19 billion.
That guidance followed a second quarter in which Nvidia’s revenue more than doubled to $96.22 billion, beating analyst expectations of $92.17 billion by a wide margin.
Adjusted profit came in at $2.22 per share for the three months ended July 26, topping estimates of $2.10 per share, reinforcing the company’s streak of outperformance.
Data center revenue more than doubled as well, reaching $89 billion against analyst estimates of $85.08 billion, underlining relentless demand for Nvidia’s AI infrastructure hardware.
SpaceX CEO Elon Musk committed during the rocket firm’s first-ever public earnings call on August 4, 2026, that SpaceX would build its AI computing platform exclusively on Nvidia’s Vera Rubin architecture.
Musk also floated a tentative target of 20 gigawatts of power and cooling capacity online by the end of 2027, a figure that immediately caught the attention of Wall Street analysts covering Nvidia.
Deepwater Asset Management’s Gene Munster estimates that SpaceX accounted for roughly 5% of Nvidia’s revenue, up from about 3% last quarter, which would equal nearly $5 billion in total sales.
Melius analyst Ben Reitzes projects that just 2 gigawatts of SpaceX’s planned buildout could add $100 billion in incremental Nvidia revenue, a staggering figure that underscores the potential scale of the partnership.
Nvidia and SpaceX also plan to put a space-optimized Vera Rubin NVL72 system aboard the first-generation Starmind satellite in the fourth quarter of 2027, with larger deployments expected in 2028.
The deepening relationship between the two companies signals that demand for Nvidia’s (NVDA) chips is extending well beyond traditional cloud and enterprise customers into entirely new frontiers.
With SpaceX ramping its AI ambitions aggressively, analysts now view the partnership as a durable and expanding revenue stream that could reshape expectations for Nvidia’s long-term growth trajectory.
