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SpaceX 10GW in 2027 – Why It’s Real, Will Drive $500B ARR for SpaceX, and Why Microsoft Will Be the Largest Offtaker

newsletter.semianalysis.com · 2,441 words · saved by 1 readers

Inference at 100B/GW/year, SpaceX's stellar pace, Microsoft's 10GW 2026 Awakening, Azure Can Grow Tiple-Digits

Elon Musk shocked the world, once again, when he announced on SpaceX’s first earnings his Gigawatt ambitions for next year. He “conservatively” aims to build & deliver an incremental 6-8GW in 2027 alone, with potential for that number to be well above +10GW. At 50B per GW, that’s $300-500B in capex in 2027, on par with what we expect from AWS and Google – an unbelievable number for a company significantly less profitable than rival hyperscalers. Yet, we believe that the number is real. We see SpaceX on track to build about 10GW by year-end 2027. We’ve evaluated all sites suitable for SpaceX…

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