SpaceX data center growth supports $2T valuation
The bull case argued for SpaceX—and an eventual merged Tesla-SpaceX entity—is that its 'Elon Web Services' (EWS) data center business is growing exponentially, making a $2 trillion valuation look conservative over the long term.
The argument
The speakers highlighted a massive $15 billion annual contract with Anthropic to rent the Colossus supercomputer clusters. Chamath argued that SpaceX's terrestrial data center business alone could reach $100 billion to $200 billion in revenue by 2030–2032, driven by their ability to build facilities dramatically faster and cheaper than competitors.
The thesis, stress-tested
✓ What validates it
- ✓SpaceX officially files for an IPO or announces a formal merger structure with Tesla
- ✓Securing additional major cloud or AI tenants alongside Anthropic for Colossus
▸ Risks discussed
- ▸The $15 billion Anthropic contract can be canceled by either party with 90 days' notice
- ▸Regulatory or environmental pushback on massive terrestrial data center buildouts
Hear it yourself
"Saks is out today, but we're very lucky to have Gavin Baker from Atreides Management joining us. The spicy takes must flow. Welcome back to the program, bestie Gavin. Thanks for having me. Always love it. It's been a huge week in tech. We can start with the SpaceX and OpenAI IPOs. We've got Andrej Karpathy joining Anthropic, NVIDIA crushing it. So many different places to go, but I think we'll start with Andrej Karpathy joining Anthropic. Karpathy is only 39 years old. He's already a legend in the tech industry if you don't know him. I believe he's also coming to Liquidity."
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