SpaceX’s exclusive partnership with Nvidia for its AI infrastructure buildout could bump Elon Musk’s rocket company to “the front of the line” for chip allocations, according to analysts at Bernstein, potentially disadvantaging neoclouds like CoreWeave and Nebius. SpaceX announced in early August that it would exclusively use Nvidia chips for its AI compute needs. CoreWeave and Nebius have each received $2 billion equity investments from Nvidia, which historically came with the implicit perk of preferential access to Nvidia’s latest hardware. Both companies have been among the first to deploy platforms like the GB200 NVL72 and Blackwell-based systems, and both have targeted more than 5 GW of AI compute capacity by 2030. Any delay in receiving new silicon risks losing customers to competitors. Bernstein raised its price target on SpaceX from $239 to $248 following the company’s Q2 2026 earnings, citing its AI revenue outlook. Nvidia’s stock has seen positive reactions tied to the partnership announcement. Nvidia has invested billions in CoreWeave and Nebius because those neoclouds serve as distribution channels for Nvidia hardware into the broader AI economy. If CoreWeave and Nebius cannot scale fast enough because chips are rerouted to SpaceX, downstream demand goes unserved, and Nvidia’s total addressable market shrinks. The broader GPU supply chain remains constrained, with TSMC’s advanced packaging capacity, particularly CoWoS