Raymond James just laid out a pretty wild $SPCX "Dirt to Orbit" model where 8 GW of terrestrial AI capacity could generate ~$30B in annual FCF from 2028–2031 to help fund orbital data centers.
The financing structure is pretty interesting because partners would cover ~60% of each GW reducing SpaceX's upfront investment to ~$15B per GW while potentially generating a 32% IRR from its AI compute business.
The financing structure is pretty interesting because partners would cover ~60% of each GW reducing SpaceX's upfront investment to ~$15B per GW while potentially generating a 32% IRR from its AI compute business.