SemiAnalysis: SpaceX to Add Over 10GW of Computing Power by 2027, Annual Revenue Reaches $300 Billion

SemiAnalysis's latest report indicates that SpaceX's goal of adding over 10GW of computing power by the end of 2027 is feasible. Elon Musk stated that the company's "conservative" target is to build and deliver an incremental computing power of 6 to 8GW by 2027, with capital expenditures potentially reaching $300 billion to $500 billion. The high profit margins of AI inference business are a significant driver for the expansion of computing power demand. Models show that OpenAI and Anthropic could generate over $100 billion in revenue per GW annually when providing API inference services on the GB300 cluster, with inference gross margins exceeding 60%. Microsoft's computing power gap may bring substantial orders to SpaceX. SemiAnalysis estimates that the $250 billion agreement signed between Microsoft and OpenAI corresponds to about 7GW of computing power, and Microsoft has already signed binding contracts for over 10GW this year. The report suggests that it is "not impossible" for Microsoft to sign a contract with SpaceX for about 3GW, with a total value of approximately $150 billion, as SpaceX can offer a 90-day cancellation clause, reducing Microsoft's financial risk. SpaceX has advantages in rapidly building computing power infrastructure, and if half of the new computing power added in 2027 is used for commercial inference, the annual recurring revenue could reach $300 billion.