MARJOHOLDERS · Infrastructure Briefing

Infrastructure Briefing · AI Compute

SpaceX, Colossus & the AI Capex Race

How Elon Musk's merged SpaceX–xAI stacks up against the hyperscalers on capital spending, data-center buildout speed, and power efficiency.

Updated · Aug 2026 Basis · Q2 2026 disclosures Sections · 4

01

The capex landscape

Hyperscaler guidance SpaceX (AI wing, est.)

02

Can SpaceX keep up?

4–6×
Hyperscaler spend vs SpaceX AI
~$15B
Annual Anthropic compute rental
85.1%
Musk voting control post-IPO

03

Colossus: deployment & efficiency

Colossus Peers / industry

04

PUE vs the hyperscalers

Disclosed / audited Colossus (estimate) Industry reference

Bottom line