SpaceX reports earnings after the close on Oct. 20, and short seller Jim Chanos says it will be the largest global neocloud starting in 2027. In 2025, capital spending reached $20.9 billion against $6.8 billion of operating cash flow, leaving free cash flow at negative $14.1 billion. Total debt rose to $24.5 billion from $15.4 billion a year earlier, and reports say SpaceX is seeking $40 billion more to buy Nvidia chips. The article argues that Starlink's profits give SpaceX a cushion CoreWeave lacks, but says credit market worries will persist until the compute business starts paying its own way.
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