xAI is looking more like a datacentre REIT than a frontier lab

Re:xAI is looking more like a datacentre REIT than a frontie... by egr on Tuesday June 09, 2026 @02:56AM (#48457518)

Here is my take:

- roughly 1B revenue per month is a good look for SpaceX - provides some credibility to otherwise non-existent xAi business.

- pos. News for Google due to their share in SpaceX.

- can be interpreted as leasing versus building for Google, a nice Hedge on compute capacity.

- saves Capex for Google at time of horrendous GPU, memory costs.

It is only a bridge until 2029. What will be the value of the SpaceX data centers by then? Fine print matters on deal with Google. MS made billions up front payments to Coreweave. SpaceX has no upfront payments, has to stem Capex alone. Very favourable for Anthropic and Google.

  Provider     Compute Sold    Valuation
  --------     ------------    ---------
  Nebius       ~$46.4B         ~$55.3B
  CoreWeave    $99.4B          ~$55.8B
  SpaceX       ~$70+B          ?

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Re:xAI is looking more like a datacentre REIT than a frontie... by chii on Tuesday June 09, 2026 @03:13AM (#48457665)

> roughly 1B revenue per month is a good look for SpaceX

this agreement between spacex and google can be cancelled with 90 days notice from either party without the other's agreement.

It's purely there to make the IPO look good, on google's part.

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