For two years the AI story has been about chips: who makes them, who gets them, who runs short. On SpaceX's latest earnings call, Elon Musk described a different limit.
> "The power, cooling, electrical equipment, infrastructure is somewhat of a limiting factor."
That one sentence moves attention down the supply chain, to the companies that generate electricity, keep server rooms cool and convert power on its way into the racks.
What Musk said, in plain English
- SpaceX now earns more from AI computing than from rockets or Starlink, and plans to build far more data centers next year.
- Demand is strong enough that, in Musk's words, "we could rent out our compute several times over."
- Rental prices are rising at renewal, not falling. Musk: "We see them renewing at higher dollars per watt, not lower dollars per watt."
Who it touches
We grouped the companies in this story into four groups:
1. Power & cooling, the new bottleneck: GE Vernova, Vertiv, Eaton, Bloom Energy and others. 2. The chips that still matter: Nvidia, Micron, and the power-chip makers behind the 800-volt shift. 3. Compute for rent: CoreWeave, Nebius and IREN, whose long contracts reprice as they roll over. 4. Facing a new competitor: satellite and phone carriers as Starlink reaches planes and phones, plus software sold per seat.
For each company, the full read explains what it does, why it sits in its group and when it reports next. It also covers what could break the story: building on time, paying for it, and demand cooling off.
Read Decoding Musk, Episode 01 →
This is educational content, not investment advice. Past performance does not guarantee future results.