KeyBanc analyst Michael Leshock said SpaceX investors should watch the company’s cash flow statement over the next year or so as several expense items are set to rise sharply. According to Sina Finance, he said large capital spending and large-scale financing will become unavoidable in SpaceX’s investment case in the coming months.

Leshock wrote that the industry benchmark for building AI computing capacity is about $5 billion per gigawatt. He said that even under a conservative scenario, SpaceX would build only 6 to 7 gigawatts of capacity by the end of 2027, and that cumulative capital investment would still reach $250 billion to $300 billion even if SpaceX has cost advantages and efficiency gains versus peers.

He added that the cost of new AI computing deployments is still rising, and that SpaceX would likely need financing in the short to medium term to support expansion. He estimated the company would need about $325 billion in additional financing over the next 18 to 24 months.

SpaceX shares have moved away from their post-IPO lows and trading has become more stable. The stock rebounded from an intraday low of $104.83 on August 3 and closed at $140.57 on August 14.