Is SpaceX competition hurting the valuation / credit risk of Neoclouds? $CRWV and $NBIS down 10%+ today, while $SPCX down just 2% (and UP on the month) The obvious trigger is credit risk, with CoreWeave's unsecured bonds yielding 15% But in the last week, Elon also confirmed that SpaceX will reach 2GW by November and potentially 2.6 GW by EOY. That's .6GW ahead of schedule and quickly becoming much bigger than Coreweave and Nebius Almost no one building compute is doing it ahead of schedule, but SpaceX is proving to be superior here on speed and is expecting close to 10GW by 2027 (And significantly more in years ahead, especially as we move to compute in Space) At the same time, Elon also mentioned earlier this week about the difficulty in executing this build out (said even SpaceX engineers are finding it hard) but also in the ability for companies to raise capital... the issue Coreweave is having now. But we know SpaceX and Elon has no issues in raising capital (and generating revenue from other sources too). Raising capital is what Elon excels at over anyone So I wonder if the market is starting to see that SpaceX is becoming a very big competitor to these neoclouds, taking demand sure... though I think there is plenty of demand to go around.. but more so taking resources and capital that other neoclouds need to scale SpaceX also has optionality to either rent out the compute or use it for xAI / Grok, which lowers risk even further to fund their compute buildout. It's also why SpaceX can charge a premium on their compute vs the other neoclouds, lowering risk even further I'm not saying SpaceX is the full reason for Coreweaves issues, but you gotta think this evolving competitive landscape of Elon entering the ring has to have something to do with it Even with this said, I'm still bullish on neoclouds as I think the demand remains endless, but I think SpaceX becomes the dominate neocloud by next year