Data Centres in Space

This report recaps HSBC's space-related research following SpaceX's acquisition of xAI, highlighting Alphabet, Amazon, Tesla, and GCL Tech as key beneficiaries. It explores the transition toward orbital AI data centers and space-based power solutions.

Key Takeaways

• 1.SpaceX's acquisition of xAI for USD250bn and its FCC request for AI-capable satellites highlight a shift toward space-based AI data centers (AIDCs).
• 2.Alphabet, Amazon, Tesla, and GCL Tech are identified as the primary listed equities with exposure to space-related technological developments.
• 3.The space race is expanding beyond communication to include low Earth orbit (LEO) computing and space-based solar power.

Table of Contents

• Data centres in space
• HSBC space-related research
• Recent research
• Key longer thematic notes
• Shorter updates
• Valuation and risks
• Tesla additional valuation information
• Amazon additional valuation information
• Alphabet additional valuation information
• Disclosure appendix

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