3 Things Nvidia Said About SpaceX on Its Earnings Call—and Why They Matter

SpaceX stock has traded as high as $225.64 and as low as $104.83 since selling shares at $135 in a June IPO. (Justin Sullivan/Getty Images)

Key Points

• SpaceX stock rose Thursday, helped by strong quarterly results from Nvidia.
• Nvidia CFO Colette Kress said shipments of its Vera data CPU are underway to lead partners, including SpaceX AI.
• Kress noted that Cursor, which SpaceX recently purchased, has achieved a $1 billion annual revenue run rate.

SpaceX. tock rose early Thursday, helped, like much of the market, by Nvidia’s earnings.

Shares of Elon Musk’s rocket and AI company rose 0.6% to $140.47 in premarket trading, while S&P 500 futures were up 0.4% and Dow Jones Industrial Average futures were down 0.1%.

Nasdaq futures were the strongest, up 1%, thanks in part to Nvidia’s strong quarterly results. Nvidia stock rose nearly 7% in premarket trading after better-than-expected earnings and strong guidance.

SpaceX came up on Nvidia’s earnings conference call. “We expect Vera to be deployed by every major hyperscaler, neocloud, AI lab, and system OEM, with shipments already underway to our lead partners, including [Oracle], SpaceX AI, and starting this quarter, [Amazon Web Services],” said CFO Colette Kress.

Vera is Nvidia’s updated data CPU that is optimized for agentic workloads—jobs for AI that go beyond simple prompts typed into a chatbot.

Kress added that Cursor, which SpaceX recently bought, had achieved a $1 billion annual revenue run rate, or ARR. That’s one of Wall Street’s favorite ways to express AI sales growth. At current business levels, Cursor would do more than $1 billion in annual revenue. Of course, ARR is supposed to grow. Anthropic’s ARR recently hit $65 billion, according to reports. Anthropic didn’t respond to a request for comment.

There was one comment about SpaceX’s AI model Grok. “Nvidia runs the leading closed models, OpenAI, Anthropic, Grok, Meta , Gemini, and the leading open models, TML, Mistral, Qwen, Kimi, GLM, DeepSeek, MiniMax, and Nemotron,” added Kress.

Being a leading model is nice, but many models have popped up as AI continues to develop. A closed model is accessed on the cloud on a provider’s servers and offers limited customization. An open model can be hosted on any server, enhancing data privacy, and is fully customizable.

Nvidia earnings are important for the entire market, including SpaceX. Its chips have enabled the AI computing boom that SpaceX is trying to turn into a business worth trillions. SpaceX generated $3.2 billion in 2025 AI revenue. That number will likely surpass $60 billion in 2027, according to Wall Street estimates.

What’s good for Nvidia is ultimately good for SpaceX, too.

Write to Al Root at allen.root@barrons.com.

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