Musk Touts Nvidia Exclusive Deal Amid SpaceX Stock Decline

SpaceX's stock plummeted nearly 10% during pre-market hours on Wednesday despite a significant narrowing of its Q2 losses to $0.09 per share from a loss of $0.34 a year earlier, while revenue soared to $7.81 billion year-over-year from $4.07 billion.

Musk's comments and X posts extolling the virtues of Nvidia as the best GPU provider helped buoy the stock of the chipmaker by around 1.8% during pre-market hours. On X, Musk highlighted that SpaceX has committed to using Nvidia GPUs exclusively because they are the best architecture, as he put it.

Musk added on the Q2 earnings call that SpaceX believes the 'Vera Rubin architecture is the best AI computer... So we're exclusive to Nvidia.' He also mentioned that SpaceX intends to end 2026 with over 2 gigawatts worth of compute and has goals to have 10 GW of computing capacity by the end of 2027.