瑞银报告：SpaceX把2027年底AI算力目标提至13吉瓦 落实约需3500亿美元
新德里——据 ANI 通讯社转述瑞银（UBS）报告，SpaceX 已把 2027 年底的 AI 算力目标上调至 13 吉瓦（GW），较此前预期的 2.5 至 3 吉瓦高出约 10 吉瓦；瑞银估算，落实这一目标约需 3,500 亿美元投入。上述数字出自 SpaceX 第三季度业绩说明后瑞银发布的研究报告，属分析师测算，并非公司官方指引。
报告称，SpaceX 第三季度算力为 1.7 吉瓦，10 月已升至 2.2 吉瓦。马斯克表示，市场需求强劲到现有算力「可以卖出好几倍」，并预计现货租赁价格将继续上涨，投资回收期明年可能缩短至约六个月；若电力供应允许，2027 年算力甚至可能达到 20 吉瓦。
财务方面，报告称其超级智能（SI）部门第三季度营收 76 亿美元、EBITDA 50 亿美元；连接业务营收 52 亿美元、同比增长 70%。公司给出的第四季度资本开支指引为 350 亿至 400 亿美元，高于第三季度的 196 亿美元。瑞银按自用与外租各半测算，这批基础设施到 2027 年底可支撑 5,000 亿至 1 万亿美元的年化经常性收入，高于 2026 年底预期的约 1,000 亿美元。（GSM 据 ANI、瑞银报告）
来源：GSM·美国
UBS Report: SpaceX Raises Its End-of-2027 AI Compute Target to 13 GW, at an Estimated Cost of About $350 Billion
NEW DELHI — SpaceX has raised its AI computing capacity target to 13 gigawatts (GW) by the end of 2027, about 10 GW above an earlier expectation of 2.5 to 3 GW, according to a UBS report carried by ANI. UBS estimates that reaching the target would require spending of around $350 billion. The figures come from a UBS research report following SpaceX's third-quarter earnings presentation and are analyst estimates, not company guidance.
The report said SpaceX's compute stood at 1.7 GW in the third quarter and 2.2 GW in October. Elon Musk said demand was strong enough that the company could sell its capacity several times over, expected spot rental rates to rise further, and put the investment payback period at potentially around six months next year; if power supply allows, capacity could even reach 20 GW in 2027.
On the financial side, the report said revenue at its Super Intelligence (SI) segment rose to $7.6 billion in the third quarter, with EBITDA of $5 billion, while connectivity revenue reached $5.2 billion, up 70% year on year. The company guided fourth-quarter capital expenditure at $35 billion to $40 billion, up from $19.6 billion in the third quarter. Assuming a roughly even split between capacity kept for its own use and leased to customers, UBS said the infrastructure could support annual recurring revenue of $500 billion to $1 trillion by the end of 2027, versus an expected $100 billion at the end of 2026. (GSM, based on ANI and the UBS report)
Source: GSM · America
来源：GSM·美国（原文链接）
图片来源：Equinix 位于硅谷的数据中心（资料图）。CC BY-SA 4.0，经 Wikimedia Commons。 / An Equinix data center in Silicon Valley (file photo). CC BY-SA 4.0, via Wikimedia Commons.
