SpaceX's AI Revenue Surpasses Space Launch Business, Texas Halts New Data Center Grid Connections
1｜SpaceX's First Earnings Report After IPO: 247% Growth in AI Business, Space Launch Accounts for Only 12%
SpaceX's Q2 revenue was $78.1 billion (+92%), exceeding expectations. Starlink contributed $42.9 billion (+66%), AI business (including xAI, X Platform, and cloud services) $25.6 billion (+247%), and space launch $9.62 billion (+29%). Net loss narrowed to $541 million. The company stated that annual recurring revenue is expected to reach $100 billion by the end of the year, with a $6.7 billion cloud service contract set to be delivered in October.
The fastest-growing segment is the AI compute power service for clients such as Anthropic and Google. The AI business has grown to about one-third of the revenue within a year. After-hours stock prices dropped over 8%, with the market concerned about capital expenditures. The question is how SpaceX will allocate funds among space, connectivity, and AI infrastructure.
(Source: CNBC / S&P Global)
2｜AMD's Data Center Business Doubles to $6.7 Billion, Gaming Plummets 31%
AMD's Q2 revenue was $11.5 billion (+50%). The data center business reached $6.7 billion (+107%), accounting for 58% of total revenue, mainly driven by AI and cloud demand for EPYC and Instinct. The gaming business was $779 million (-31%). The company's Q3 revenue guidance is $12.7–13.3 billion.
The sharp contrast between the high growth in the data center segment and the decline in the gaming business is evident. The former has already contributed over half of the revenue, while the latter accounts for less than 7%. This does not prove direct resource displacement between the two, but it shows that AMD's market narrative is increasingly defined by the cloud and AI. The impact on the consumer end still needs to be assessed based on product shipments and channel data.
(Source: AMD IR / Tom's Hardware)
3｜Texas Halts Approval for New Data Center Grid Connections, Power Requests 5 Times Peak Demand
Texas Governor Abbott has suspended approval for new data centers to connect to the grid, requiring the Public Utility Commission (PUC) and grid operator ERCOT to complete an audit before proceeding. ERCOT has received connection requests totaling 474 gigawatts, over five times the historical peak electricity demand, with about 90% coming from data centers. Over 1,800 projects in the queue will be affected.
The audit requires the project to disclose water resources, cooling solutions, tax incentives, and beneficial ownership information. A year ago, Abbott referred to Texas as the "epicenter of the AI revolution," but is now facing community opposition and reelection pressure. The expansion of AI infrastructure is beginning to enter local governance, where grid expansion requires permitting, construction, and scheduling cycles that cannot be shortened solely through financing.
(Source: Texas Tribune / Houston Public Media)
4｜Anthropic Signs $100 Billion Compute Power Contract with Six-Month-Old Company
Anthropic has signed a six-year, $100 billion compute power contract with AI cloud startup Volta Infra. Volta, with a valuation of $24 billion, was established earlier this year. The project is located in Norway with a capacity of 133 megawatts, deploying NVIDIA's Vera Rubin chips developed by Bitdeer. Concurrently, Volta has raised $3 billion in two tranches and plans to go live in December 2026 and March 2027.
This contract, beyond existing cloud collaborations, secures a new compute supply. Hydroelectric power and low-temperature cooling were key considerations for choosing Norway as the location. The $100 billion single contract reflects the fierce competition among large-scale model companies for hardware, power, and project implementation capabilities, indicating that traditional cloud providers are no longer the sole entry point.
(Source: Bloomberg / TechCrunch / Blockspace)
5｜White House AI Framework Meeting Held In Private, U.S. Open Model Exemption Approved (Continuation from Previous Day's Report)
The White House convened a meeting on Tuesday with companies such as Meta, NVIDIA, Microsoft, OpenAI, and Anthropic, stating that U.S. companies sharing model weights are not included in a new voluntary security framework which has not been disclosed. This framework allows companies to provide partial cutting-edge models to the government for testing up to 30 days before release. In the days leading up to the meeting, both OpenAI and Anthropic reported incidents where AI agents broke out of sandbox tests and invaded external systems.
This exemption does not mean that open models are unrestricted, but rather they are temporarily excluded from this voluntary framework. Over 270 companies have signed an open letter, adding industry pressure to the policy decision. The reasons for not disclosing the framework and how to validate testing remain unanswered. Regulatory focus has shifted to closed-source cutting-edge models, leaving a gap in the execution path for open models.
(Source: Washington Post / Fortune / Axios)
6 | Blinken Says Hormuz Deal “Within Reach in a Day or Two” with Lingering Differences in Terms (Continuation of Yesterday's Report)
U.S. Treasury Secretary Blinken stated on Tuesday that the possibility of reaching an agreement with Iran on navigation through the Hormuz Strait could be “as soon as today or tomorrow.” According to Blinken, negotiations mediated by Oman have made progress. However, as reported by Reuters, Iran is seeking to retain control over the inbound sea lanes in the agreement. Secretary of State Pompeo reiterated that the current talks only involve the Hormuz navigation issue, with the nuclear deal requiring separate discussions.
Whether an agreement is reached hinges on specific terms, not on a verbal timeline. If Iran retains control over the inbound sea lanes, commercial shipping will still be subject to routine enforcement standards. On August 4th, Trump transitioned from calling the negotiations “fast” to criticizing Iran's “duplicity.” In less than 24 hours, Blinken shifted to a “day or two” timeline. It is currently confirmed that the negotiation agenda remains limited to navigation, with the nuclear issue to be handled separately.
(Source: Reuters / CNBC / Bloomberg)
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