SpaceX's AI Compute Empire: $28B Run Rate, Orbital Data Centers, and GPU Hoarding

SpaceX's first earnings reveal massive GPU lock-up with Nvidia, $28B rental run rate, and plans for orbital data centers (Pentagon talks). New: SpaceX-NVIDIA partnership to move AI infrastructure into orbit, further tightening GPU supply. Latest: SpaceX's 10 GW Vera Rubin bet is the largest single compute commitment ever, with $100B incremental revenue for Nvidia and $6.7B forward contracts. Losses and cancellation clauses add risk. Centralized behemoth challenges DePIN's value prop but validates insatiable compute demand.