Altimetry’s head of research Rob Spivey has found something inside SpaceX’s IPO filing that has nothing to do with rockets or space satellites.
It’s proof that SpaceX is leading the AI race and a handful of companies helping it called “SpaceX AI Landlord Supply Chain Stocks” could go on to become the next multi-billion dollar businesses.
The Teaser
Rob’s revelation is buried deep inside SpaceX’s S-1 filing.
CFA Charterholder, Credit Suisse alum, and Altimetry director of research, Rob Spivey brings a trained analytical eye to identifying market mispricings.
We have previously covered some of his work here, including Hidden Alpha’s AI Stocks and Joel Litman’s “Dark Energy” Stocks, which was also an Altimetry production.
Rob’s track record of predicting Elon’s next moves have been pretty on the money too.
He accurately called Elon’s angling of getting federal agencies to open their data vaults for AI training in order to enable DOGE to do it’s work.
Then in September 2025, he predicted Tesla’s Optimus pivot before the November shareholder meeting where Elon said “80% of Tesla’s future value will come from robotics.”
He’s done it by tracking a familiar pattern…
Where Elon directs capital, what it builds, and most importantly, which industries, sectors, and stocks stand to benefit.
The answer to the first question, where Elon is directing capital next, can be found inside that S-1 filing.
We had a look for ourselves and what it reveals is that Elon Musk is fast becoming the world’s biggest “AI Landlord.”
On page 143, below a map displaying Starlink’s global subscriber base, SpaceX declares:
It has become the first company to deploy a coherent gigawatt-scale AI training cluster
Through it’s wholly-owned subsidiary, xAI, it is pushing one million GPUs in total across it’s Colossus facility and other data centers and Gigafactories spread out throughout the country.
This is where the capital has been directed and what it has built, but besides the obvious answer of Elon and his company, who stands to benefit the most?
The Pitch
The names, ticker symbols, and detailed research on the best SpaceX suppliers to buy now are all revealed inside a new report called “The SpaceX AI Landlord Supply Chain: The Stocks Positioned to Capture Elon’s $50 Billion Buildout.”
There’s only one way to get our hands on it and that’s with a subscription to The Altimeter research service.
A one year sub costs $129 (normally $499) and it comes with a 30-day money-back guarantee.
The Three Horsemen of the AI Apocalypse
Storm clouds have been gathering around artificial intelligence as it faces crisises on three separate fronts.
Power
The first is that the power grid simply cannot handle AI’s insatiable appetite for energy.
At the moment, the average wait time to clear a utility connection queue has soared to nearly five years.
We have covered several teasers centered around this theme as of late and potential solutions such as behind-the-meter power, which most data center builders have turned to, along with any and every other power source they can get their hands on.
Chips
Even in the rare instances where power is readily available, you still need chips.
Well, it turns out these are more scarce than the Arceus Pokémon as well, with most analysts agreeing that the chip shortage won’t ease until late 2027 at the earliest.
Grassroots Opposition
According to Data Center Watch, towns across 30 states have passed moratoriums on data centers effectively shelving approximately $64 billion worth of U.S. data center projects.
More Americans are questioning data center campuses in their cities and activist groups are on the rise. So if you have to wait five plus years to connect to a grid, don’t have chips, and face bipartisan local opposition to your project, what do you do?
The answer is you try to partner with someone who has the chips and has bypassed all the other bottlenecks.
That someone is SpaceX.
Artificial Intelligence Infrastructure-as-a-Service
Massive computing capacity, reusable rockets, and the largest space satellite network in the Milky Way for orbital data centers.
SpaceX might just emerge out of the AI trade as the big winner, like a Doge jumping out of a pool with a tennis ball in its mouth.
When you connect the dots, between chips and integrated satellite factories, as well as existing space capabilities, it’s the most ambitious AI infrastructure-as-a-service play in the world.
However, it won’t get there alone, which is where key suppliers come in.
Rob Spivey’s SpaceX AI Landlord Supply Chain Stocks
Suppliers are feeding Elon’s AI infrastructure-as-a-service buildout.
Knowing this opportunity exists is one thing, but knowing exactly which companies to buy is another.
To this extent we got…nothing. Except for Rob’s top free recommendation to take advantage of this opportunity: Dell Technologies (NYSE: DELL).
The reasoning is that Dell has been working with xAI for years, providing the server infrastructure for the original Colossus supercomputer in Memphis.
Rob believes xAI and other data-center builders need Dell’s server equipment to continue to build out AI compute power, which has him excited about the company’s upside over the next several years.
All told, SpaceX has a global network of over 3,000 suppliers. But of these, it’s estimated that less than 50 are publicly-traded entities. Not all of these are known, but some are through regulatory filings and the like, including:
- STMicroelectronics (NYSE: STM)
- Filtronic plc (OTC: FLTCF)
- Materion Corp. (NYSE: MTRN)
- Hexcel Corp. (NYSE: HXL)
Along with a host of Chinese and Korean names like Sphere Corp. (Kosdaq: 347700).
We can’t know which, if any, are among Rob’s picks, but it is useful to pull up a list and do some scuttlebutt on which may merit a deeper dive.
The Next Multi-Billion Dollar Businesses?
The supply-chain phenomenon is a time-worn trade.
It worked with smartphone (Apple) suppliers, AI infrastructure providers, and now it is likely to work with space economy picks and shovels plays as well.
From this perspective, I agree with Rob about multi-baggers being created by this emerging industry.
The “SpaceX as the ultimate AI winner” thesis is interesting, but we know that it already controls about 65-70% of the space satellite market, and it is projecting the launch of its first orbital data center to be sometime around Q4 2027.
If it ends up sticking to this schedule, which is debatable given Elon’s notoriously aggressive timelines, this is around the time the supplier trade could really begin to pick up steam.
To hedge timing and overall risk, I would look at component suppliers that are not pure-play commercial space suppliers, but for whom it is nevertheless a growing segment of a larger, more diversified business.
This includes recent spin-out Honeywell Aerospace (Nasdaq: HONA), which makes atmospheric sensors among other space exploration products and Moog Inc. (NYSE: MOG.A), a maker of precision motion controls for satellites which is a confirmed SpaceX supplier.
Both trade at price/earnings multiples in the high 20s and low 30s, respectively, which is less than their peers.
Quick Recap & Conclusion
- Altimetry head of research Rob Spivey is teasing a handful of companies he calls “SpaceX AI Landlord Supply Chain Stocks” that could go on to become the next multi-billion dollar businesses.
- The thesis rests on Elon Musk becoming the world’s biggest “AI Landlord,” with startups, established businesses, and governments all relying on Tesla and SpaceX for semi chips and compute.
- The names, ticker symbols, and detailed research on the suppliers helping to make this happen are only revealed in a new report called “The SpaceX AI Landlord Supply Chain: The Stocks Positioned to Capture Elon’s $50 Billion Buildout.” The only way to get it is with a subscription to The Altimeter research service, which costs $129 for the first year (normally $499).
- Only one name was revealed in Rob’s lengthy presentation and that was Dell Technologies (NYSE: DELL). However, we did note some additional SpaceX suppliers above.
- Despite a huge run up this year, Dell still trades at a relatively moderate 36x current earnings (in tech terms) and other space supplier stocks also trade around the same range or slightly less, with solid growth runways.
Will SpaceX ‘win’ the AI and space races? Let us know what you think in the comments.