UBS Report: SpaceX Raises Its End-of-2027 SI Compute Target to 13 GW, at an Estimated Cost of About $350 Billion
NEW DELHI — SpaceX has raised its SI computing capacity target to 13 gigawatts (GW) by the end of 2027, about 10 GW above an earlier expectation of 2.5 to 3 GW, according to a UBS report carried by ANI. UBS estimates that reaching the target would require spending of around $350 billion. The figures come from a UBS research report following SpaceX's third-quarter earnings presentation and are analyst estimates, not company guidance.
The report said SpaceX's compute stood at 1.7 GW in the third quarter and 2.2 GW in October. Elon Musk said demand was strong enough that the company could sell its capacity several times over, expected spot rental rates to rise further, and put the investment payback period at potentially around six months next year; if power supply allows, capacity could even reach 20 GW in 2027.
On the financial side, the report said revenue at its Super Intelligence (SI) segment rose to $7.6 billion in the third quarter, with EBITDA of $5 billion, while connectivity revenue reached $5.2 billion, up 70% year on year. The company guided fourth-quarter capital expenditure at $35 billion to $40 billion, up from $19.6 billion in the third quarter. Assuming a roughly even split between capacity kept for its own use and leased to customers, UBS said the infrastructure could support annual recurring revenue of $500 billion to $1 trillion by the end of 2027, versus an expected $100 billion at the end of 2026. (GSM, based on ANI and the UBS report)
Published by GSM · USA (original Chinese edition)
Photo: Equinix 位于硅谷的数据中心（资料图）。CC BY-SA 4.0，经 Wikimedia Commons。 / An Equinix data center in Silicon Valley (file photo). CC BY-SA 4.0, via Wikimedia Commons.
