Wall Street has officially decided that SpaceX (SPCX) is more than a rocket company with a satellite internet business attached. Morgan Stanley recently added SpaceX to its hyperscaler basket for the first time, putting its projected $159 billion capex spending alongside Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), and Oracle (ORCL). The significance goes far beyond a change in an analyst spreadsheet.
It is another sign that the artificial intelligence (AI) infrastructure boom is becoming much larger — and much harder to contain. A $20 Billion Reason Why Intel Stock Is in Focus Marvell Technology (MRVL) Stock Might Offer a Quick Bounce Before Earnings Most Analysts Still Aren't Bullish on Tesla Stock, Even After Recent Selloff. Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox.
Morgan Stanley's latest estimates suggest that hyperscaler capital spending could reach an astonishing $1.15 trillion in 2027, with SpaceX alone accounting for roughly $159 billion. That number should make investors rethink just how long this AI infrastructure cycle can run. Wall Street has repeatedly underestimated how much money the technology industry will pour into AI.
For 2026, analysts previously forecast roughly $527 billion of hyperscaler capital spending. For 2027, the estimate has surged toward $1 trillion — and that's even before SpaceX was added to the group. Now, SpaceX is pushing the projected total to about $1.15 trillion.
The important point isn't simply that the number is enormous. It's that the forecast keeps moving higher. The traditional assumption has been that AI infrastructure spending will eventually slow as companies digest their enormous investments.
Instead, the opposite keeps happening. Companies raise spending plans, new players emerge, and the definition of a hyperscaler keeps expanding. Oracle was once the notable newcomer.
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