SpaceXAI's first public quarter: $15.8b AI capex, operating cash flow covers only 12%

SpaceXAI 单季资本开支 183.7 亿美元，AI 投入接近微软总资本开支四成

SpaceXAI's first quarterly filing shows $18.37b total capex, $15.83b of it on AI infrastructure, well above the $13.2b consensus. That AI spend alone is nearly 40% of Microsoft's total capex, and the sequential dollar increase matched the other hyperscalers. The difference is funding: Microsoft's operating cash flow covers 155% of capex, Meta 106%, SpaceXAI just 12%. Both equity and credit markets have repriced it—SPCX closed at $108 vs a $135 IPO price, and every tranche of the $25b June bond trades below par, with the 2056 notes at 90 cents on the dollar.

Why it matters: SpaceXAI's first public quarter reveals $15.83b AI capex beating consensus and a stark 12% operating-cash-flow coverage ratio. All three HKR axes hit: the numbers are concrete, the comparison is sharp, and it directly speaks to infra builders' capex anxiety. Not scoring higher...