SpaceX’s AI numbers are impressive, but +830% YoY growth is clearly not a sustainable long-term rate as the base gets larger. The more important question is where growth settles after this initial ramp.

I would watch three things: whether AI revenue continues growing faster than the rest of SpaceX, whether the segment can maintain strong margins as compute spending rises, and whether customers generate enough economic value to justify continued AI infrastructure spending.

Anthropic’s huge long-term compute commitments reinforce the argument that AI infrastructure demand could remain structurally strong. But they also highlight how capital-intensive this race is.

For another valuation re-rating, I think SpaceX needs to show that AI Superintelligence is becoming a durable, profitable growth engine rather than simply delivering spectacular early-stage growth. Revenue growth gets attention, but sustained cash generation would justify the valuation.