{"@context":"https://schema.org","@type":"NewsArticle","generatedAt":"2026-08-11T09:21:12.743Z","headline":"SpaceXAI 单季资本开支 183.7 亿美元，AI 投入接近微软总资本开支四成","description":"SpaceXAI 上季度资本开支 183.7 亿美元，其中 158.3 亿美元投向 AI，接近微软同期总资本开支的 40%。其运营现金流仅覆盖资本开支的 12%，主要靠举债和股权融资，而微软覆盖率达 155%。公司股价较 6 月峰值腰斩，6 月发行的 250 亿美元债券各期限均跌破面值。","url":"https://www.aioga.com/news/cmsgqscmz0dgyro5qamhpzqz8/","mainEntityOfPage":"https://www.aioga.com/news/cmsgqscmz0dgyro5qamhpzqz8/","datePublished":"2026-08-05T00:00:00.000Z","dateModified":"2026-08-05T00:00:00.000Z","inLanguage":"zh-CN","publisher":{"@type":"NewsMediaOrganization","name":"Aioga","url":"https://www.aioga.com"},"citation":["https://www.tomtunguz.com/the-newest-hyperscaler","https://aihot.virxact.com/items/cmsgqscmz0dgyro5qamhpzqz8"],"canonicalUrl":"https://www.aioga.com/news/cmsgqscmz0dgyro5qamhpzqz8/","directAnswer":{"@type":"Answer","text":"来源材料称，SpaceXAI 上季度资本开支为 183.7 亿美元，其中 158.3 亿美元用于 AI，后者接近微软同期总资本开支的 40%。","url":"https://www.aioga.com/news/cmsgqscmz0dgyro5qamhpzqz8/","dateCreated":"2026-08-05T00:00:00.000Z","author":{"@type":"Organization","@id":"https://www.aioga.com/authors/aioga-editorial/#editorial-team","name":"Aioga Editorial Team","url":"https://www.aioga.com/authors/aioga-editorial/"}},"evidence":[{"@type":"CreativeWork","name":"Tomer Tunguz 博客（VC 分析） source article","url":"https://www.tomtunguz.com/the-newest-hyperscaler","datePublished":"2026-08-05T00:00:00.000Z","provider":{"@type":"Organization","name":"Tomer Tunguz 博客（VC 分析）","url":"https://www.tomtunguz.com/the-newest-hyperscaler"}},{"@type":"CreativeWork","name":"AIHot archive record","url":"https://aihot.virxact.com/items/cmsgqscmz0dgyro5qamhpzqz8","datePublished":"2026-08-05T00:00:00.000Z","provider":{"@type":"Organization","name":"AIHot","url":"https://aihot.virxact.com/items/cmsgqscmz0dgyro5qamhpzqz8"}}],"aggregationSource":"Tomer Tunguz 博客（VC 分析）","originalPublisher":{"name":"Tomer Tunguz 博客（VC 分析）","url":"https://www.tomtunguz.com/the-newest-hyperscaler"},"geoDeepAnswer":null,"article":{"id":"cmsgqscmz0dgyro5qamhpzqz8","slug":"cmsgqscmz0dgyro5qamhpzqz8","url":"https://www.aioga.com/news/cmsgqscmz0dgyro5qamhpzqz8/","title":"SpaceXAI 单季资本开支 183.7 亿美元，AI 投入接近微软总资本开支四成","title_en":"Spending Like a Hyperscaler","summary":"SpaceXAI 上季度资本开支 183.7 亿美元，其中 158.3 亿美元投向 AI，接近微软同期总资本开支的 40%。其运营现金流仅覆盖资本开支的 12%，主要靠举债和股权融资，而微软覆盖率达 155%。公司股价较 6 月峰值腰斩，6 月发行的 250 亿美元债券各期限均跌破面值。","source":"Tomer Tunguz 博客（VC 分析）","sourceUrl":"https://www.tomtunguz.com/the-newest-hyperscaler","aiHotUrl":"https://aihot.virxact.com/items/cmsgqscmz0dgyro5qamhpzqz8","publishedAt":"2026-08-05T00:00:00.000Z","category":"技巧观点","score":63,"selected":true,"articleBody":["SpaceXAI spent $18b of capex last quarter, $16b of it on AI. 1：#fn:1 2：#fn:2","It’s a huge number. Amazon spent $53.1b last quarter, Alphabet $44.9b, Microsoft $41.0b, Meta $31.1b. 3：#fn:3 SpaceXAI’s AI capex alone is nearly 40% of Microsoft’s total.","The slope of spending increase is comparable, too. 4：#fn:4","The difference is who pays for it. Microsoft funds its buildout from operations with room to spare at 155% of capex, & Meta clears the bar by six points. Everyone else borrows or issues equity : Oracle 89%, Alphabet 87%, Amazon 84%, CoreWeave 39%, SpaceXAI 12%. 5：#fn:5","Both sets of investors have marked the plan down. SPCX closed at $108 on 5 August, a fifth below the $135 IPO price & half the 16 June peak. 6：#fn:6","Credit agrees, & the further out it lent the more it agrees. Every tranche of June’s $25b debut bond trades below par : the 2031s at 98 cents on the dollar, the 2056s at 90. 7：#fn:7","SpaceXAI is pushing to compete : it has the data centers, it has trained a model in Grok 4.5 that ranks fourth on the Intelligence Index within six points of the leader, 8：#fn:8 & it has millions of developers using Cursor. 9：#fn:9","The IPO proved the company has a great cost of capital advantage. 10：#fn:10","The question now is whether that advantage can sustain long enough for the AI business to reach parity with the others.","SpaceX Reports Second Quarter 2026 Results：https://s21.q4cdn.com/184289198/files/doc_financials/2026/q2/SpaceX-Reports-Second-Quarter-2026-Results.pdf. Capex by segment : Space $1.17b, Connectivity $1.37b & AI $15.83b, for a total of $18.37b. SpaceX listed on 12 June 2026 & filed its first 10-Q on 4 August 2026, the same day as the results release. ↩︎：#fnref:1","CNBC : SpaceX stock today, earnings：https://www.cnbc.com/2026/08/05/spacex-spcx-stock-today-earnings.html. Revenue of $7.81b beat consensus by about $1b & the net loss narrowed to $541m against the $1.9b expected, but capex of $18.37b landed against a $13.2b estimate with guidance to hold that level two more quarters. More than $1t of market value has gone since the June peak, per NPR：https://www.npr.org/2026/08/04/nx-s1-5918536/spacex-first-earnings-report-since-ipo. ↩︎：#fnref:2","Company results releases for the quarter ended June 2026. The conventions differ & are not restated here : Amazon is net of proceeds from sales and incentives, its own headline basis, against gross purchases of $54.2b; Meta includes $962m of principal payments on finance leases, which are cash; Microsoft is its own headline basis including finance leases & runs above the $35.8b of additions to property and equipment on its cash flow statement, the difference being non-cash right-of-use asset additions; Alphabet is purchases of property and equipment from the cash flow statement. Microsoft’s calendar Q2 is its fiscal Q4 2026. ↩︎：#fnref:3","Sequential increase in quarterly capex from Q1 2026 to Q2 2026 : Meta $11.3b, Amazon $9.9b, Alphabet $9.2b, Microsoft $9.1b & SpaceX $8.3b. Measured across the full six quarters the additions diverge, with Amazon adding $28.8b against SpaceX’s $15.6b, so the comparability holds for the latest quarter rather than for the period. Two SpaceX quarters are derived rather than reported & are drawn as hollow points, Q2 2025 back-solved from the reported 549% year-over-year increase & Q1 2026 from the first-half total less Q2. The remaining 2025 quarters are not derivable & are left blank. ↩︎：#fnref:4","Net cash provided by operating activities divided by gross purchases of property and equipment, both from the cash flow statement, which keeps the basis cash for every company. Quarter ended 30 June 2026 : Microsoft $55.4b over $35.8b, Meta $31.9b over $30.1b, Alphabet $39.1b over $44.9b & Amazon $45.4b over $54.2b. Three periods differ : Oracle is the quarter ended 31 May 2026, derived as the full year less nine months, with fiscal Q1 2027 not yet reported; CoreWeave the quarter ended 31 March 2026, its June quarter not yet reported; & SpaceXAI the six months ended 30 June 2026, since its first 10-Q carries no quarterly cash flow statement. Cash capex understates two : CoreWeave excludes $4.6b of OEM-financed & accrued additions, which would cut it to 24%, & SpaceXAI excludes $5.5b in accruals & $3.9b financed by other financings. ↩︎：#fnref:5","SPCX daily closing prices from Nasdaq via Yahoo Finance. The IPO priced at $135 on 11 June 2026 & closed its first session at $160.95. The highest close was $211.39 on 16 June. Q2 results came after the close on 4 August & the shares fell 13.6% the next session, from $125.33 to $108.27, against the 10% reported intraday. ↩︎：#fnref:6","Prices are the 5 August 2026 close, cents per $100 of principal : 5.350% due 2031 at 97.67, 5.650% due 2033 at 96.49, 5.875% due 2036 at 94.91, 6.600% due 2046 at 91.16 & 6.650% due 2056 at 89.72. The last four are FINRA TRACE prints; the 2031 tranche has no TRACE quote & is a Frankfurt price, a different venue & session. Yields to maturity run from 5.86% on the 2031s to 7.51% on the 2056s. SpaceX disclosed：https://ir.spacex.com/updates/releases-details/2026/SpaceX-Announces-Pricing-of-25-Billion-Inaugural-Bond-Issuance-2026-33VwNgsx3O/default.aspx coupons & sizes but no issue prices, so the discounts are measured against par; the one reported issue price, 99.45 on the 2056s, means the loss against issue is a fraction of a point smaller. The $25b priced 23 June 2026 on nearly $89b of orders & settled 26 June. ↩︎：#fnref:7","Artificial Analysis：https://artificialanalysis.ai. Grok 4.5 shipped 8 July 2026 & scores 54 on the Intelligence Index against Fable 5 at 60, Opus 4.8 at 56 & GPT-5.5 at 55. The parity is closest on general reasoning & widest on coding, where Grok 4.5 records 64.7% on SWE-bench Pro against Claude Mythos 5 at 80.3%. Grok 4.5 is not ranked on LMArena’s main text board. ↩︎：#fnref:8","Cursor : Series D：https://cursor.com/blog/series-d, 13 November 2025, for “millions of developers.” SpaceX agreed to acquire Anysphere for $60b in stock on 16 June 2026, pending regulatory approval. Neither the 20 May 2026 S-1, which describes the Cursor collaboration & discloses Cursor’s balance sheet, nor the 16 June 8-K reports any user, seat or customer metric. The all-stock consideration was issued under a private-placement exemption, so no S-4 or proxy will follow. ↩︎：#fnref:9","Your Personal Cost of Capital：https://tomtunguz.com/personal-cost-of-capital/. The IPO raised approximately $85.7b in net proceeds & was followed by the $25b bond, leaving $100b of cash & marketable securities at quarter end, per CFO Bret Johnsen on the earnings call. ↩︎：#fnref:10","The 1-minute read that turns tech data into strategic advantage. Read by 150k+ founders & operators.","GP at Theory Ventures. Former Google PM. Sharing data-driven insights on AI, web3, & venture capital.","Bloomberg：https://www.bloomberg.com/news/articles/2025-04-30/google-places-ads-inside-chatbot-conversations-with-ai-startups • WSJ：https://www.wsj.com/tech/tech-media-telecom-roundup-market-talk-f8f0355a • Economist：https://www.economist.com/business/2023/07/25/next-generation-googles-run-a-tighter-ship"],"articleImages":[{"sourceUrl":"https://res.cloudinary.com/dzawgnnlr/image/upload/w_1512,h_864,c_fill,g_auto,q_auto,f_auto/p0vhm7xwilftd2q52d0l","alt":"Q2 2026 capital expenditure : Amazon $53.1b, Alphabet $44.9b, Microsoft $41.0b, Meta $31.1b, SpaceX $18.4b","afterParagraph":1,"url":"/media/articles/cmsgqscmz0dgyro5qamhpzqz8/3133ba87f33f458f.webp"},{"sourceUrl":"https://res.cloudinary.com/dzawgnnlr/image/upload/w_1512,h_934,c_fill,g_auto,q_auto,f_auto/fxgwfbqwg0ajepeclige","alt":"Quarterly capital expenditure from Q1 2025 to Q2 2026 for Amazon, Alphabet, Microsoft, Meta & SpaceX","afterParagraph":2,"url":"/media/articles/cmsgqscmz0dgyro5qamhpzqz8/5a141ee08c14e9d9.webp"},{"sourceUrl":"https://res.cloudinary.com/dzawgnnlr/image/upload/w_1512,h_886,c_fill,g_auto,q_auto,f_auto/v6rb1wz6lrmir1tcj0rn","alt":"Operating cash flow divided by capital expenditure : Microsoft 155%, Meta 106%, Oracle 89%, Alphabet 87%, Amazon 84%, CoreWeave 39%, SpaceX 12%","afterParagraph":3,"url":"/media/articles/cmsgqscmz0dgyro5qamhpzqz8/1997720de1caf003.webp"},{"sourceUrl":"https://res.cloudinary.com/dzawgnnlr/image/upload/w_1512,h_934,c_fill,g_auto,q_auto,f_auto/leapqpavexblueqmmsss","alt":"SPCX daily close from 12 June to 5 August 2026, falling from $161 to $108 against a $135 IPO offer price","afterParagraph":4,"url":"/media/articles/cmsgqscmz0dgyro5qamhpzqz8/a7b2b221d08e42a1.webp"},{"sourceUrl":"https://res.cloudinary.com/dzawgnnlr/image/upload/w_1512,h_864,c_fill,g_auto,q_auto,f_auto/wqco8obrr8wy0rju2c6i","alt":"Discount to par on SpaceX senior notes : 2031 down 2.33, 2033 down 3.51, 2036 down 5.09, 2046 down 8.84, 2056 down 10.28","afterParagraph":5,"url":"/media/articles/cmsgqscmz0dgyro5qamhpzqz8/bb97d8a46ed84b40.webp"}],"mediaStatus":"ok","articleBodyZh":["SpaceXAI 上一季度的资本支出为 180 亿美元，其中 160 亿用于 AI。1：#fn:1 2：#fn:2","这是一个巨大的数字。上一季度，亚马逊支出 531 亿美元，Alphabet 449 亿美元，微软 410 亿美元，Meta 311 亿美元。3：#fn:3 SpaceXAI 仅在 AI 上的资本支出就几乎占微软总额的 40%。","支出增加的坡度也相当。4：#fn:4","区别在于是谁付钱。微软通过运营资金支持其扩展，还盈余充足，达到资本支出的 155%，Meta 也超过标准 6 个点。其他公司则借贷或发行股票：Oracle 89%，Alphabet 87%，Amazon 84%，CoreWeave 39%，SpaceXAI 12%。5：#fn:5","两类投资者都已下调了该计划的估值。SPCX 于 8 月 5 日收盘价为 108 美元，比 135 美元的 IPO 价低五分之一，也只是 6 月 16 日峰值的一半。6：#fn:6","债权市场也同意这一观点，而且借贷期限越长，同意的程度越高。6 月首次发行的 250 亿美元债券的每一批次都低于票面价值：2031 年到期债券每美元 98 美分，2056 年到期债券每美元 90 美分。7：#fn:7","SpaceXAI 正在努力竞争：它拥有数据中心，已经训练出 Grok 4.5 模型，在智力指数中排名第四，距领先者仅六点之差，8：#fn:8 并且有数百万开发者使用 Cursor。9：#fn:9","IPO 证明公司拥有极佳的资本成本优势。10：#fn:10","现在的问题是，这种优势能否持续足够长的时间，以让 AI 业务达到与其他公司平起平坐的水平。","SpaceX 发布 2026 年第二季度财报：https://s21.q4cdn.com/184289198/files/doc_financials/2026/q2/SpaceX-Reports-Second-Quarter-2026-Results.pdf。各部门资本支出：航天 11.7 亿美元，连接 13.7 亿美元，AI 158.3 亿美元，总计 183.7 亿美元。SpaceX 于 2026 年 6 月 12 日上市，并于 2026 年 8 月 4 日提交了第一份 10-Q 文件，即财报发布当天。↩︎：#fnref:1","CNBC：SpaceX 今日股价，财报：https://www.cnbc.com/2026/08/05/spacex-spcx-stock-today-earnings.html。收入为 78.1 亿美元，超过市场共识约 10 亿美元，净亏损缩窄至 5.41 亿美元，而预期为 19 亿美元，但资本支出为 183.7 亿美元，高于预期的 132 亿美元，并指导未来两个季度维持该水平。自 6 月峰值以来，市值已蒸发超过 1 万亿美元，来源 NPR：https://www.npr.org/2026/08/04/nx-s1-5918536/spacex-first-earnings-report-since-ipo。↩︎：#fnref:2","截至2026年6月的季度公司业绩发布。惯例不同，这里未重新调整：亚马逊是净销售收入及激励后计算的，其自身的主报表基准，相对于54.2亿美元的总采购额；Meta包括9.62亿美元的融资租赁本金支付，这些是现金；微软使用其自身的主报表基准，包括融资租赁，并超过其现金流量表上35.8亿美元的物业和设备新增额，差额为非现金使用权资产新增额；Alphabet为现金流量表上的物业和设备采购额。微软的日历第二季度为其2026财年第4季度。 ↩︎：#fnref:3","从2026年第一季度到第二季度季度资本支出的环比增加：Meta 113亿美元，亚马逊 99亿美元，Alphabet 92亿美元，微软 91亿美元，SpaceX 83亿美元。若跨越完整的六个季度来看，则新增额有所差异，亚马逊新增288亿美元，而SpaceX新增156亿美元，因此可比性仅适用于最新季度，而非整个期间。两个SpaceX季度数据是推算而非报告，并以空心点表示，2025年第二季度由报告的同比增长549%反推，2026年第一季度由上半年总额减去第二季度得出。2025年剩余季度无法推算，留空。 ↩︎：#fnref:4","经营活动提供的净现金除以现金流量表中的物业和设备总采购额，这样每家公司均保持现金基准。截止至2026年6月30日的季度：微软554亿美元除以35.8亿美元，Meta 319亿美元除以30.1亿美元，Alphabet 391亿美元除以44.9亿美元，亚马逊454亿美元除以54.2亿美元。有三期数据不同：Oracle为截至2026年5月31日的季度，由全年减去九个月得出，其2027财年第一季度尚未报告；CoreWeave为截至2026年3月31日的季度，其6月季度尚未报告；SpaceXAI为截至2026年6月30日的六个月数据，因为其首份10-Q未包含季度现金流量表。现金资本支出低估了两个公司：CoreWeave排除了46亿美元的OEM融资及应计新增额，使其比例降至24%，SpaceXAI排除了55亿美元的应计费用及39亿美元的其他融资新增额。 ↩︎：#fnref:5","SPCX 每日收盘价来自纳斯达克通过雅虎财经。首次公开募股定价为 2026 年 6 月 11 日的 135 美元，首日收盘价为 160.95 美元。最高收盘价为 6 月 16 日的 211.39 美元。第二季度财报于 8 月 4 日收盘后发布，股票在下一交易日下跌 13.6%，从 125.33 美元跌至 108.27 美元，而盘中报告的跌幅为 10%。↩︎：#fnref:6","价格为 2026 年 8 月 5 日收盘价，每 100 美元本金的美分：2031 年到期 5.350% 为 97.67，2033 年到期 5.650% 为 96.49，2036 年到期 5.875% 为 94.91，2046 年到期 6.600% 为 91.16，2056 年到期 6.650% 为 89.72。后四个为 FINRA TRACE 成交数据；2031 年的票据无 TRACE 报价，为法兰克福价格，不同的交易场所与交易时段。到期收益率从 2031 年票据的 5.86% 到 2056 年票据的 7.51%。SpaceX 披露：https://ir.spacex.com/updates/releases-details/2026/SpaceX-Announces-Pricing-of-25-Billion-Inaugural-Bond-Issuance-2026-33VwNgsx3O/default.aspx 票息和规模，但未披露发行价，因此折价是相对于面值计算；唯一报告的发行价为 2056 年票据的 99.45，这意味着相对于发行价的损失略小于一个百分点。25 亿美元的债券于 2026 年 6 月 23 日定价，订单近 890 亿美元，结算于 6 月 26 日。↩︎：#fnref:7","Artificial Analysis：https://artificialanalysis.ai。Grok 4.5 于 2026 年 7 月 8 日发布，在智能指数上得分 54，相比 Fable 5 得分 60，Opus 4.8 得分 56，GPT-5.5 得分 55。总体推理能力最接近，而编码能力差距最大，其中 Grok 4.5 在 SWE-bench Pro 上得分 64.7%，而 Claude Mythos 5 得分 80.3%。Grok 4.5 未在 LMArena 的主文本榜单上排名。↩︎：#fnref:8","Cursor：D 轮融资：https://cursor.com/blog/series-d，2025 年 11 月 13 日，为“数百万开发者”。SpaceX 同意于 2026 年 6 月 16 日以 600 亿美元股票收购 Anysphere，需等待监管批准。无论是 2026 年 5 月 20 日的 S-1 文件，描述了 Cursor 合作并披露了 Cursor 的资产负债表，还是 6 月 16 日的 8-K 报告，都未披露任何用户、席位或客户指标。全股票对价是根据私募豁免发行的，因此不会有后续的 S-4 或代理文件。↩︎：#fnref:9","你的个人资本成本：https://tomtunguz.com/personal-cost-of-capital/。首发上市筹集了大约857亿美元的净收益，随后发行了250亿美元的债券，根据首席财务官Bret Johnsen在财报电话会议上的说法，季度末现金和可流通证券余额为1000亿美元。↩︎：#fnref:10","一分钟阅读，将科技数据转化为战略优势。已有超过15万创业者和运营者阅读。","Theory Ventures的普通合伙人。前谷歌产品经理。分享关于人工智能、Web3和风险投资的数据驱动见解。","彭博社：https://www.bloomberg.com/news/articles/2025-04-30/google-places-ads-inside-chatbot-conversations-with-ai-startups • 华尔街日报：https://www.wsj.com/tech/tech-media-telecom-roundup-market-talk-f8f0355a • 经济学人：https://www.economist.com/business/2023/07/25/next-generation-googles-run-a-tighter-ship"],"translationStatus":"translated","bodyOrigin":"source-page","editorial":{"summary":"来源材料称，SpaceXAI 上季度资本开支为 183.7 亿美元，其中 158.3 亿美元用于 AI，后者接近微软同期总资本开支的 40%。","background":"正文将 SpaceXAI 与亚马逊、Alphabet、微软和 Meta 的资本开支对比，并称其运营现金流仅覆盖资本开支的 12%，微软的覆盖率则为 155%。","viewpoint":"Aioga 判断，关键差异不只是 AI 投入规模，而是资金来源：在运营现金流覆盖率较低的情况下，持续扩张对债务和股权融资条件可能更为敏感。","implications":"值得关注的是，材料称 SPCX 股价已较 6 月峰值下跌约一半，6 月发行的 250 亿美元债券各期限均低于面值，显示股债投资者均已下调定价。","nextStep":"后续可继续核对 SpaceXAI 的资本开支增速、运营现金流覆盖率及债券交易价格；Aioga 判断，这些指标可能比单一季度的 AI 投入金额更能反映扩张的可持续性。","evidenceRefs":["title","summary","articleBody","source"],"status":"published","aiGenerated":true,"autoApproved":true,"generatedBy":"aioga-editorial:gpt-5.6-sol","reviewedBy":"aioga-editorial-review:gpt-5.6-sol","generatedAt":"2026-08-06T01:29:16.585Z","sourceHash":"5e6bff888c383968","review":{"approved":true,"groundedness":97,"clarity":94,"duplicationRisk":18,"blockingIssues":[],"notes":["“持续扩张对债务和股权融资条件可能更为敏感”及相关可持续性判断属于基于材料的推论，已明确标注为“Aioga 判断”，不构成事实冒充。","候选内容准确区分了来源陈述与编辑判断；其中资本开支、AI 投入、现金流覆盖率、股价跌幅和债券价格表现均可在来源材料中找到依据。","如需进一步增强透明度，可提示相关数据来自 VC 分析博客，候选内容本身未对原始财务及市场数据进行独立核验。"]},"validation":{"passed":true,"mode":"ai-auto","revisions":0,"checks":["schema","length","source-attribution","low-source-overlap","no-html","independent-ai-review"]}},"tags":["技巧观点","Tomer Tunguz 博客（VC 分析）"],"translations":{"zh-CN":{"title":"SpaceXAI 单季资本开支 183.7 亿美元，AI 投入接近微软总资本开支四成","summary":"SpaceXAI 上季度资本开支 183.7 亿美元，其中 158.3 亿美元投向 AI，接近微软同期总资本开支的 40%。其运营现金流仅覆盖资本开支的 12%，主要靠举债和股权融资，而微软覆盖率达 155%。公司股价较 6 月峰值腰斩，6 月发行的 250 亿美元债券各期限均跌破面值。","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"SpaceXAI 单季资本开支 183.7 亿美元，AI 投入接近微软总资本开支四成 - Aioga AI资讯","description":"SpaceXAI 上季度资本开支 183.7 亿美元，其中 158.3 亿美元投向 AI，接近微软同期总资本开支的 40%。其运营现金流仅覆盖资本开支的 12%，主要靠举债和股权融资，而微软覆盖率达 155%。公司股价较 6 月峰值腰斩，6 月发行的 250 亿美元债券各期限均跌破面值。","url":"https://www.aioga.com/news/cmsgqscmz0dgyro5qamhpzqz8/","articleBody":["SpaceXAI 上一季度的资本支出为 180 亿美元，其中 160 亿用于 AI。1：#fn:1 2：#fn:2","这是一个巨大的数字。上一季度，亚马逊支出 531 亿美元，Alphabet 449 亿美元，微软 410 亿美元，Meta 311 亿美元。3：#fn:3 SpaceXAI 仅在 AI 上的资本支出就几乎占微软总额的 40%。","支出增加的坡度也相当。4：#fn:4","区别在于是谁付钱。微软通过运营资金支持其扩展，还盈余充足，达到资本支出的 155%，Meta 也超过标准 6 个点。其他公司则借贷或发行股票：Oracle 89%，Alphabet 87%，Amazon 84%，CoreWeave 39%，SpaceXAI 12%。5：#fn:5","两类投资者都已下调了该计划的估值。SPCX 于 8 月 5 日收盘价为 108 美元，比 135 美元的 IPO 价低五分之一，也只是 6 月 16 日峰值的一半。6：#fn:6","债权市场也同意这一观点，而且借贷期限越长，同意的程度越高。6 月首次发行的 250 亿美元债券的每一批次都低于票面价值：2031 年到期债券每美元 98 美分，2056 年到期债券每美元 90 美分。7：#fn:7","SpaceXAI 正在努力竞争：它拥有数据中心，已经训练出 Grok 4.5 模型，在智力指数中排名第四，距领先者仅六点之差，8：#fn:8 并且有数百万开发者使用 Cursor。9：#fn:9","IPO 证明公司拥有极佳的资本成本优势。10：#fn:10","现在的问题是，这种优势能否持续足够长的时间，以让 AI 业务达到与其他公司平起平坐的水平。","SpaceX 发布 2026 年第二季度财报：https://s21.q4cdn.com/184289198/files/doc_financials/2026/q2/SpaceX-Reports-Second-Quarter-2026-Results.pdf。各部门资本支出：航天 11.7 亿美元，连接 13.7 亿美元，AI 158.3 亿美元，总计 183.7 亿美元。SpaceX 于 2026 年 6 月 12 日上市，并于 2026 年 8 月 4 日提交了第一份 10-Q 文件，即财报发布当天。↩︎：#fnref:1","CNBC：SpaceX 今日股价，财报：https://www.cnbc.com/2026/08/05/spacex-spcx-stock-today-earnings.html。收入为 78.1 亿美元，超过市场共识约 10 亿美元，净亏损缩窄至 5.41 亿美元，而预期为 19 亿美元，但资本支出为 183.7 亿美元，高于预期的 132 亿美元，并指导未来两个季度维持该水平。自 6 月峰值以来，市值已蒸发超过 1 万亿美元，来源 NPR：https://www.npr.org/2026/08/04/nx-s1-5918536/spacex-first-earnings-report-since-ipo。↩︎：#fnref:2","截至2026年6月的季度公司业绩发布。惯例不同，这里未重新调整：亚马逊是净销售收入及激励后计算的，其自身的主报表基准，相对于54.2亿美元的总采购额；Meta包括9.62亿美元的融资租赁本金支付，这些是现金；微软使用其自身的主报表基准，包括融资租赁，并超过其现金流量表上35.8亿美元的物业和设备新增额，差额为非现金使用权资产新增额；Alphabet为现金流量表上的物业和设备采购额。微软的日历第二季度为其2026财年第4季度。 ↩︎：#fnref:3","从2026年第一季度到第二季度季度资本支出的环比增加：Meta 113亿美元，亚马逊 99亿美元，Alphabet 92亿美元，微软 91亿美元，SpaceX 83亿美元。若跨越完整的六个季度来看，则新增额有所差异，亚马逊新增288亿美元，而SpaceX新增156亿美元，因此可比性仅适用于最新季度，而非整个期间。两个SpaceX季度数据是推算而非报告，并以空心点表示，2025年第二季度由报告的同比增长549%反推，2026年第一季度由上半年总额减去第二季度得出。2025年剩余季度无法推算，留空。 ↩︎：#fnref:4","经营活动提供的净现金除以现金流量表中的物业和设备总采购额，这样每家公司均保持现金基准。截止至2026年6月30日的季度：微软554亿美元除以35.8亿美元，Meta 319亿美元除以30.1亿美元，Alphabet 391亿美元除以44.9亿美元，亚马逊454亿美元除以54.2亿美元。有三期数据不同：Oracle为截至2026年5月31日的季度，由全年减去九个月得出，其2027财年第一季度尚未报告；CoreWeave为截至2026年3月31日的季度，其6月季度尚未报告；SpaceXAI为截至2026年6月30日的六个月数据，因为其首份10-Q未包含季度现金流量表。现金资本支出低估了两个公司：CoreWeave排除了46亿美元的OEM融资及应计新增额，使其比例降至24%，SpaceXAI排除了55亿美元的应计费用及39亿美元的其他融资新增额。 ↩︎：#fnref:5","SPCX 每日收盘价来自纳斯达克通过雅虎财经。首次公开募股定价为 2026 年 6 月 11 日的 135 美元，首日收盘价为 160.95 美元。最高收盘价为 6 月 16 日的 211.39 美元。第二季度财报于 8 月 4 日收盘后发布，股票在下一交易日下跌 13.6%，从 125.33 美元跌至 108.27 美元，而盘中报告的跌幅为 10%。↩︎：#fnref:6","价格为 2026 年 8 月 5 日收盘价，每 100 美元本金的美分：2031 年到期 5.350% 为 97.67，2033 年到期 5.650% 为 96.49，2036 年到期 5.875% 为 94.91，2046 年到期 6.600% 为 91.16，2056 年到期 6.650% 为 89.72。后四个为 FINRA TRACE 成交数据；2031 年的票据无 TRACE 报价，为法兰克福价格，不同的交易场所与交易时段。到期收益率从 2031 年票据的 5.86% 到 2056 年票据的 7.51%。SpaceX 披露：https://ir.spacex.com/updates/releases-details/2026/SpaceX-Announces-Pricing-of-25-Billion-Inaugural-Bond-Issuance-2026-33VwNgsx3O/default.aspx 票息和规模，但未披露发行价，因此折价是相对于面值计算；唯一报告的发行价为 2056 年票据的 99.45，这意味着相对于发行价的损失略小于一个百分点。25 亿美元的债券于 2026 年 6 月 23 日定价，订单近 890 亿美元，结算于 6 月 26 日。↩︎：#fnref:7","Artificial Analysis：https://artificialanalysis.ai。Grok 4.5 于 2026 年 7 月 8 日发布，在智能指数上得分 54，相比 Fable 5 得分 60，Opus 4.8 得分 56，GPT-5.5 得分 55。总体推理能力最接近，而编码能力差距最大，其中 Grok 4.5 在 SWE-bench Pro 上得分 64.7%，而 Claude Mythos 5 得分 80.3%。Grok 4.5 未在 LMArena 的主文本榜单上排名。↩︎：#fnref:8","Cursor：D 轮融资：https://cursor.com/blog/series-d，2025 年 11 月 13 日，为“数百万开发者”。SpaceX 同意于 2026 年 6 月 16 日以 600 亿美元股票收购 Anysphere，需等待监管批准。无论是 2026 年 5 月 20 日的 S-1 文件，描述了 Cursor 合作并披露了 Cursor 的资产负债表，还是 6 月 16 日的 8-K 报告，都未披露任何用户、席位或客户指标。全股票对价是根据私募豁免发行的，因此不会有后续的 S-4 或代理文件。↩︎：#fnref:9","你的个人资本成本：https://tomtunguz.com/personal-cost-of-capital/。首发上市筹集了大约857亿美元的净收益，随后发行了250亿美元的债券，根据首席财务官Bret Johnsen在财报电话会议上的说法，季度末现金和可流通证券余额为1000亿美元。↩︎：#fnref:10","一分钟阅读，将科技数据转化为战略优势。已有超过15万创业者和运营者阅读。","Theory Ventures的普通合伙人。前谷歌产品经理。分享关于人工智能、Web3和风险投资的数据驱动见解。","彭博社：https://www.bloomberg.com/news/articles/2025-04-30/google-places-ads-inside-chatbot-conversations-with-ai-startups • 华尔街日报：https://www.wsj.com/tech/tech-media-telecom-roundup-market-talk-f8f0355a • 经济学人：https://www.economist.com/business/2023/07/25/next-generation-googles-run-a-tighter-ship"]},"en":{"title":"SpaceXAI's quarterly capital expenditure was $18.37 billion, with AI investment accounting for nearly 40% of Microsoft's total capital expenditure","summary":"SpaceXAI spent $18.37 billion last quarter, of which $15.83 billion went to AI, nearly 40% of Microsoft's total capital expenditure during the same period. Its operating cash flow covers only 12% of capital expenditures, mainly through borrowing and equity financing, while Microsoft's coverage reaches 155%. The company's stock price has halved from its June peak, with $25 billion in bonds issued in June falling below par value across all maturities.","category":"Insights","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"SpaceXAI's quarterly capital expenditure was $18.37 billion, with AI investment accounting for nearly 40% of Microsoft's total capital expenditure - Aioga AI News","description":"SpaceXAI spent $18.37 billion last quarter, of which $15.83 billion went to AI, nearly 40% of Microsoft's total capital expenditure during the same period. Its operating cash flow...","url":"https://www.aioga.com/en/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:04:22.086Z"},"ja":{"title":"SpaceXAIの四半期資本支出は183.7億ドルで、AI投資はマイクロソフトの総資本支出の約40%を占めています","summary":"SpaceXAIは前四半期に183億7,000万ドルを費やし、そのうち158.3億ドルがAIに投入され、同期間のマイクロソフトの総資本支出の約40%を占めました。 同社の営業キャッシュフローは資本支出のわずか12%で、主に借入や株式融資によるものですが、マイクロソフトのカバレッジは155%に達します。 同社の株価は6月のピークから半減し、6月に発行された250億ドルの債券はすべての満期で額面額を下回りました。","category":"ヒントと視点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"SpaceXAIの四半期資本支出は183.7億ドルで、AI投資はマイクロソフトの総資本支出の約40%を占めています - Aioga AIニュース","description":"SpaceXAIは前四半期に183億7,000万ドルを費やし、そのうち158.3億ドルがAIに投入され、同期間のマイクロソフトの総資本支出の約40%を占めました。 同社の営業キャッシュフローは資本支出のわずか12%で、主に借入や株式融資によるものですが、マイクロソフトのカバレッジは155%に達します。 同社の株価は6月のピークから半減し、6月に発行された25...","url":"https://www.aioga.com/ja/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:04:23.577Z"},"ko":{"title":"SpaceXAI의 분기별 자본 지출액은 183억 7천만 달러였으며, AI 투자는 마이크로소프트 전체 자본 지출의 거의 40%를 차지했습니다","summary":"스페이스XAI는 지난 분기에 183억 7천만 달러를 지출했으며, 이 중 158억 3천만 달러가 AI에 사용되어 같은 기간 마이크로소프트 총 자본 지출의 거의 40%에 달했다. 운영 현금 흐름은 자본 지출의 12%만을 차지하며, 주로 차입과 자본 금융을 통해 이루어지며, 마이크로소프트의 보장은 155%에 달합니다. 회사 주가는 6월 정점에서 절반으로 떨어졌으며, 6월에 발행된 채권 250억 달러가 모든 만기에서 액가를 넘어섰다.","category":"인사이트","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"SpaceXAI의 분기별 자본 지출액은 183억 7천만 달러였으며, AI 투자는 마이크로소프트 전체 자본 지출의 거의 40%를 차지했습니다 - Aioga AI 뉴스","description":"스페이스XAI는 지난 분기에 183억 7천만 달러를 지출했으며, 이 중 158억 3천만 달러가 AI에 사용되어 같은 기간 마이크로소프트 총 자본 지출의 거의 40%에 달했다. 운영 현금 흐름은 자본 지출의 12%만을 차지하며, 주로 차입과 자본 금융을 통해 이루어지며, 마이크로소프트의 보장은 155%에 달합니다. 회사 주...","url":"https://www.aioga.com/ko/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:04:31.807Z"},"es":{"title":"El gasto trimestral de capital de SpaceXAI fue de 18.370 millones de dólares, siendo la inversión en IA casi el 40% del gasto total de Microsoft","summary":"SpaceXAI gastó 18.370 millones de dólares el trimestre pasado, de los cuales 15.830 millones se destinaron a IA, casi el 40% del gasto total de capital de Microsoft durante el mismo periodo. Su flujo de caja operativo cubre solo el 12% de los gastos de capital, principalmente a través de préstamos y financiación de capital, mientras que la cobertura de Microsoft alcanza el 155%. El precio de las acciones de la empresa se ha reducido a la mitad desde su máximo de junio, con 25.000 millones de dólares en bonos emitidos en junio que han quedado por debajo del valor par en todos los vencimientos.","category":"Ideas","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"El gasto trimestral de capital de SpaceXAI fue de 18.370 millones de dólares, siendo la inversión en IA casi el 40% del gasto total de Microsoft - Aioga Noticias de IA","description":"SpaceXAI gastó 18.370 millones de dólares el trimestre pasado, de los cuales 15.830 millones se destinaron a IA, casi el 40% del gasto total de capital de Microsoft durante el mism...","url":"https://www.aioga.com/es/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:04:31.760Z"},"fr":{"title":"Les dépenses d’investissement trimestrielles de SpaceXAI s’élèvent à 18,37 milliards de dollars, les investissements en IA représentant près de 40 % des dépenses d’investissement totales de Microsoft","summary":"SpaceXAI a dépensé 18,37 milliards de dollars le dernier trimestre, dont 15,83 milliards de dollars ont été consacrés à l’IA, soit près de 40 % des dépenses totales de Microsoft sur la même période. Son flux de trésorerie opérationnel ne couvre que 12 % des dépenses en capital, principalement par emprunt et financement en capitaux propres, tandis que la couverture de Microsoft atteint 155 %. Le cours de l’action de la société a diminué de moitié par rapport à son pic de juin, avec 25 milliards de dollars d’obligations émises en juin qui sont tombées en dessous de la valeur nominale sur toutes les échéances.","category":"Analyses","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"Les dépenses d’investissement trimestrielles de SpaceXAI s’élèvent à 18,37 milliards de dollars, les investissements en IA représentant près de 40 % des dépenses d’investissement totales de Microsoft - Aioga Actualités IA","description":"SpaceXAI a dépensé 18,37 milliards de dollars le dernier trimestre, dont 15,83 milliards de dollars ont été consacrés à l’IA, soit près de 40 % des dépenses totales de Microsoft su...","url":"https://www.aioga.com/fr/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:04:38.779Z"},"de":{"title":"Die vierteljärlichen Investitionsausgaben von SpaceXAI betrugen 18,37 Milliarden US-Dollar, wobei KI-Investitionen fast 40 % der gesamten Investitionsausgaben von Microsoft ausmachten","summary":"SpaceXAI gab im letzten Quartal 18,37 Milliarden US-Dollar aus, davon 15,83 Milliarden US-Dollar in KI, fast 40 % der gesamten Investitionsausgaben von Microsoft im gleichen Zeitraum. Der operative Cashflow deckt nur 12 % der Investitionsausgaben ab, hauptsächlich durch Kreditaufnahmen und Eigenkapitalfinanzierung, während Microsofts Deckung 155 % erreicht. Der Aktienkurs des Unternehmens hat sich seit seinem Juni-Höchststand halbiert, wobei im Juni 25 Milliarden US-Dollar in Anleihen ausgegeben wurden, die über alle Laufzeiten unter den Nennwert fielen.","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"Die vierteljärlichen Investitionsausgaben von SpaceXAI betrugen 18,37 Milliarden US-Dollar, wobei KI-Investitionen fast 40 % der gesamten Investitionsausgaben von Microsoft ausmachten - Aioga KI-News","description":"SpaceXAI gab im letzten Quartal 18,37 Milliarden US-Dollar aus, davon 15,83 Milliarden US-Dollar in KI, fast 40 % der gesamten Investitionsausgaben von Microsoft im gleichen Zeitra...","url":"https://www.aioga.com/de/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:04:40.508Z"},"pt-BR":{"title":"O investimento trimestral de capital da SpaceXAI foi de US$ 18,37 bilhões, com o investimento em IA representando quase 40% do total de investimentos da Microsoft","summary":"A SpaceXAI gastou 18,37 bilhões de dólares no último trimestre, dos quais 15,83 bilhões foram para IA, quase 40% do total de investimentos da Microsoft no mesmo período. Seu fluxo de caixa operacional cobre apenas 12% dos gastos de capital, principalmente por meio de empréstimos e financiamento por capitólio, enquanto a cobertura da Microsoft chega a 155%. O preço das ações da empresa caiu pela metade em relação ao pico de junho, com US$ 25 bilhões em títulos emitidos em junho caindo abaixo do valor da média em todos os vencimentos.","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"O investimento trimestral de capital da SpaceXAI foi de US$ 18,37 bilhões, com o investimento em IA representando quase 40% do total de investimentos da Microsoft - Aioga Notícias de IA","description":"A SpaceXAI gastou 18,37 bilhões de dólares no último trimestre, dos quais 15,83 bilhões foram para IA, quase 40% do total de investimentos da Microsoft no mesmo período. Seu fluxo...","url":"https://www.aioga.com/pt-BR/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:04:49.182Z"},"ru":{"title":"Квартальные капитальные вложения SpaceXAI составили $18,37 миллиарда, при этом инвестиции в ИИ составили почти 40% общих капитальных вложений Microsoft","summary":"SpaceXAI потратила 18,37 миллиарда долларов в прошлом квартале, из которых 15,83 миллиарда были направлены на ИИ, что составляет почти 40% от общих капитальных вложений Microsoft за тот же период. Операционный денежный поток покрывает лишь 12% капитальных расходов, в основном за счёт заимствований и собственного капитала, тогда как покрытие Microsoft достигает 155%. Цена акций компании снизилась вдвое по сравнению с пиком в июне: облигации на сумму 25 миллиардов, выпущенные в июне, упали ниже номинальной стоимости по всем срокам погашения.","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"Квартальные капитальные вложения SpaceXAI составили $18,37 миллиарда, при этом инвестиции в ИИ составили почти 40% общих капитальных вложений Microsoft - Aioga Новости ИИ","description":"SpaceXAI потратила 18,37 миллиарда долларов в прошлом квартале, из которых 15,83 миллиарда были направлены на ИИ, что составляет почти 40% от общих капитальных вложений Microsoft з...","url":"https://www.aioga.com/ru/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:04:48.790Z"},"ar":{"title":"بلغ الإنفاق الرأسمالي الفصلي لشركة SpaceXAI 18.37 مليار دولار، مع استثمار الذكاء الاصطناعي الذي يمثل ما يقرب من 40٪ من إجمالي الإنفاق الرأسمالي لمايكروسوفت","summary":"أنفقت سبيس إكس آي 18.37 مليار دولار في الربع الماضي، منها 15.83 مليار دولار ذهبت للذكاء الاصطناعي، أي ما يقرب من 40٪ من إجمالي نفقات مايكروسوفت الرأسمالية خلال نفس الفترة. يغطي التدفق النقدي التشغيلي فقط 12٪ من النفقات الرأسمالية، بشكل رئيسي من خلال الاقتراض وتمويل الأسهم، بينما تصل تغطية مايكروسوفت إلى 155٪. انخفض سعر سهم الشركة إلى النصف مقارنة بذروته في يونيو، حيث انخفضت السندات الصدرة في يونيو بقيمة 25 مليار دولار عن القيمة الاسمية عبر جميع العقود الاستحقاق.","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"بلغ الإنفاق الرأسمالي الفصلي لشركة SpaceXAI 18.37 مليار دولار، مع استثمار الذكاء الاصطناعي الذي يمثل ما يقرب من 40٪ من إجمالي الإنفاق الرأسمالي لمايكروسوفت - Aioga أخبار الذكاء الاصطناعي","description":"أنفقت سبيس إكس آي 18.37 مليار دولار في الربع الماضي، منها 15.83 مليار دولار ذهبت للذكاء الاصطناعي، أي ما يقرب من 40٪ من إجمالي نفقات مايكروسوفت الرأسمالية خلال نفس الفترة. يغطي الت...","url":"https://www.aioga.com/ar/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:04:56.577Z"},"hi":{"title":"स्पेसएक्सएआई का तिमाही पूंजीगत व्यय $ 18.37 बिलियन था, जिसमें एआई निवेश माइक्रोसॉफ्ट के कुल पूंजीगत व्यय का लगभग 40% था","summary":"स्पेसएक्सएआई ने पिछली तिमाही में 18.37 बिलियन डॉलर खर्च किए, जिसमें से 15.83 बिलियन डॉलर एआई में गए, जो इसी अवधि के दौरान माइक्रोसॉफ्ट के कुल पूंजीगत व्यय का लगभग 40% है। इसका परिचालन नकदी प्रवाह पूंजीगत व्यय का केवल 12% कवर करता है, मुख्य रूप से उधार और इक्विटी वित्तपोषण के माध्यम से, जबकि माइक्रोसॉफ्ट का कवरेज 155% तक पहुंचता है। कंपनी के शेयर की कीमत जून के शिखर से आधी हो गई है, जून में जारी किए गए बांड में $ 25 बिलियन सभी परिपक्वताओं में समान मूल्य से नीचे गिर गए हैं।","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"स्पेसएक्सएआई का तिमाही पूंजीगत व्यय $ 18.37 बिलियन था, जिसमें एआई निवेश माइक्रोसॉफ्ट के कुल पूंजीगत व्यय का लगभग 40% था - Aioga AI समाचार","description":"स्पेसएक्सएआई ने पिछली तिमाही में 18.37 बिलियन डॉलर खर्च किए, जिसमें से 15.83 बिलियन डॉलर एआई में गए, जो इसी अवधि के दौरान माइक्रोसॉफ्ट के कुल पूंजीगत व्यय का लगभग 40% है। इसका परिच...","url":"https://www.aioga.com/hi/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:04:57.877Z"},"it":{"title":"La spesa in conto capitale trimestrale di SpaceXAI è stata di 18,37 miliardi di dollari, con gli investimenti in IA che rappresentano quasi il 40% della spesa in conto capitale totale di Microsoft","summary":"SpaceXAI ha speso 18,37 miliardi di dollari lo scorso trimestre, di cui 15,83 miliardi sono andati all'IA, quasi il 40% della spesa in conto capitale totale di Microsoft nello stesso periodo. Il suo flusso di cassa operativo copre solo il 12% delle spese in conto capitale, principalmente tramite prestiti e finanziamenti azionari, mentre la copertura di Microsoft raggiunge il 155%. Il prezzo delle azioni della società si è dimezzato rispetto al picco di giugno, con 25 miliardi di dollari in obbligazioni emesse a giugno che sono scese sotto il valore pari su tutte le scadenze.","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"La spesa in conto capitale trimestrale di SpaceXAI è stata di 18,37 miliardi di dollari, con gli investimenti in IA che rappresentano quasi il 40% della spesa in conto capitale totale di Microsoft - Aioga Notizie IA","description":"SpaceXAI ha speso 18,37 miliardi di dollari lo scorso trimestre, di cui 15,83 miliardi sono andati all'IA, quasi il 40% della spesa in conto capitale totale di Microsoft nello stes...","url":"https://www.aioga.com/it/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:05:06.581Z"},"nl":{"title":"De kwartaaluitgaven van SpaceXAI bedroegen 18,37 miljard dollar, waarbij AI-investeringen bijna 40% van de totale kapitaaluitgaven van Microsoft goed waren","summary":"SpaceXAI gaf vorig kwartaal $18,37 miljard uit, waarvan $15,83 miljard naar AI ging, bijna 40% van de totale kapitaaluitgaven van Microsoft in dezelfde periode. De operationele kasstroom dekt slechts 12% van de kapitaalinvesteringen, voornamelijk via leningen en eigen vermogen, terwijl de dekking van Microsoft 155% bereikt. De aandelenkoers van het bedrijf is gehalveerd ten opzichte van het hoogtepunt in juni, waarbij in juni 25 miljard dollar aan obligaties uitgegeven onder de nominale waarde zijn gedaald over alle looptijden.","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"De kwartaaluitgaven van SpaceXAI bedroegen 18,37 miljard dollar, waarbij AI-investeringen bijna 40% van de totale kapitaaluitgaven van Microsoft goed waren - Aioga AI-nieuws","description":"SpaceXAI gaf vorig kwartaal $18,37 miljard uit, waarvan $15,83 miljard naar AI ging, bijna 40% van de totale kapitaaluitgaven van Microsoft in dezelfde periode. De operationele kas...","url":"https://www.aioga.com/nl/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:05:06.521Z"},"tr":{"title":"SpaceXAI'nin çeyrek sermaye harcaması 18,37 milyar dolar olup, yapay zeka yatırımı Microsoft'un toplam sermaye harcamalarının neredeyse %40'ını oluşturuyordu","summary":"SpaceXAI geçen çeyrekte 18,37 milyar dolar harcadı, bunun 15,83 milyar doları yapay zekaya gitti; bu, aynı dönemde Microsoft'un toplam sermaye harcamalarının neredeyse %40'ını oluşturdu. İşletme nakit akışı, ağırlıklı olarak borçlanma ve özkaynak fonlama yoluyla sermaye harcamalarının yalnızca %12'sini kaplarken, Microsoft'un kapsamı %155'e ulaşırken. Şirketin hisse senedi fiyatı Haziran zirvesinden bu yana yarıya indi; Haziran ayında ihraç edilen 25 milyar dolarlık tahviller tüm vade seviyelerinde nominal değerin altına düştü.","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"SpaceXAI'nin çeyrek sermaye harcaması 18,37 milyar dolar olup, yapay zeka yatırımı Microsoft'un toplam sermaye harcamalarının neredeyse %40'ını oluşturuyordu - Aioga AI Haberleri","description":"SpaceXAI geçen çeyrekte 18,37 milyar dolar harcadı, bunun 15,83 milyar doları yapay zekaya gitti; bu, aynı dönemde Microsoft'un toplam sermaye harcamalarının neredeyse %40'ını oluş...","url":"https://www.aioga.com/tr/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:05:15.350Z"},"vi":{"title":"Chi tiêu vốn hàng quý của SpaceXAI đạt 18,37 tỷ USD, trong đó đầu tư AI chiếm gần 40% tổng chi tiêu vốn của Microsoft","summary":"SpaceXAI đã chi 18,37 tỷ USD trong quý trước, trong đó 15,83 tỷ USD dành cho AI, gần 40% tổng chi tiêu vốn của Microsoft trong cùng kỳ. Dòng tiền hoạt động của công ty chỉ bao phủ 12% chi tiêu vốn, chủ yếu thông qua vay mượn và tài trợ vốn chủ sở hữu, trong khi Microsoft đạt 155%. Giá cổ phiếu của công ty đã giảm một nửa so với đỉnh tháng Sáu, với 25 tỷ đô la trái phiếu phát hành trong tháng Sáu giảm dưới mệnh giá trên tất cả các kỳ hạn.","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"Chi tiêu vốn hàng quý của SpaceXAI đạt 18,37 tỷ USD, trong đó đầu tư AI chiếm gần 40% tổng chi tiêu vốn của Microsoft - Tin tức AI Aioga","description":"SpaceXAI đã chi 18,37 tỷ USD trong quý trước, trong đó 15,83 tỷ USD dành cho AI, gần 40% tổng chi tiêu vốn của Microsoft trong cùng kỳ. Dòng tiền hoạt động của công ty chỉ bao phủ...","url":"https://www.aioga.com/vi/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:05:13.728Z"},"id":{"title":"Belanja modal kuartalan SpaceXAI adalah $18,37 miliar, dengan investasi AI menyumbang hampir 40% dari total belanja modal Microsoft","summary":"SpaceXAI menghabiskan $18,37 miliar kuartal lalu, di mana $15,83 miliar digunakan untuk AI, hampir 40% dari total belanja modal Microsoft selama periode yang sama. Arus kas operasionalnya hanya mencakup 12% dari pengeluaran modal, terutama melalui pinjaman dan pembiayaan ekuitas, sementara cakupan Microsoft mencapai 155%. Harga saham perusahaan telah turun setengah dari puncaknya di bulan Juni, dengan obligasi sebesar $25 miliar yang diterbitkan pada bulan Juni jatuh di bawah nilai par di seluruh jatuh tempo.","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"Belanja modal kuartalan SpaceXAI adalah $18,37 miliar, dengan investasi AI menyumbang hampir 40% dari total belanja modal Microsoft - Berita AI Aioga","description":"SpaceXAI menghabiskan $18,37 miliar kuartal lalu, di mana $15,83 miliar digunakan untuk AI, hampir 40% dari total belanja modal Microsoft selama periode yang sama. Arus kas operasi...","url":"https://www.aioga.com/id/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:05:24.019Z"},"th":{"title":"รายจ่ายลงทุนรายไตรมาสของ SpaceXAI อยู่ที่ 18.37 พันล้านดอลลาร์ โดยการลงทุนด้าน AI คิดเป็นเกือบ 40% ของค่าใช้จ่ายลงทุนทั้งหมดของ Microsoft","summary":"SpaceXAI ใช้จ่าย 18.37 พันล้านดอลลาร์ในไตรมาสที่ผ่านมา โดย 15.83 พันล้านดอลลาร์ถูกส่งไปยัง AI ซึ่งเกือบ 40% ของค่าใช้จ่ายลงทุนทั้งหมดของ Microsoft ในช่วงเวลาเดียวกัน กระแสเงินสดจากการดําเนินงานของบริษัทครอบคลุมเพียง 12% ของค่าใช้จ่ายลงทุน ส่วนใหญ่ผ่านการกู้ยืมและการจัดหาเงินทุนด้วยหุ้น ขณะที่ไมโครซอฟท์ครอบคลุมถึง 155% ราคาหุ้นของบริษัทลดลงครึ่งหนึ่งจากจุดสูงสุดในเดือนมิถุนายน โดยมีพันธบัตรที่ออกในเดือนมิถุนายน 25 พันล้านดอลลาร์ ต่ํากว่ามูลค่าตราไว้ในทุกอายุครบกําหนด","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"รายจ่ายลงทุนรายไตรมาสของ SpaceXAI อยู่ที่ 18.37 พันล้านดอลลาร์ โดยการลงทุนด้าน AI คิดเป็นเกือบ 40% ของค่าใช้จ่ายลงทุนทั้งหมดของ Microsoft - ข่าว AI Aioga","description":"SpaceXAI ใช้จ่าย 18.37 พันล้านดอลลาร์ในไตรมาสที่ผ่านมา โดย 15.83 พันล้านดอลลาร์ถูกส่งไปยัง AI ซึ่งเกือบ 40% ของค่าใช้จ่ายลงทุนทั้งหมดของ Microsoft ในช่วงเวลาเดียวกัน กระแสเงินสดจาก...","url":"https://www.aioga.com/th/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:05:24.101Z"},"pl":{"title":"Kwartalne wydatki inwestycyjne SpaceXAI wyniosły 18,37 miliarda dolarów, a inwestycje w AI odpowiadały za niemal 40% całkowitych wydatków inwestycyjnych Microsoftu","summary":"SpaceXAI wydało w zeszłym kwartale 18,37 miliarda dolarów, z czego 15,83 miliarda dolarów trafiło na AI, co stanowi niemal 40% całkowitych wydatków inwestycyjnych Microsoftu w tym samym okresie. Przepływy pieniężne firmy pokrywają jedynie 12% wydatków kapitałowych, głównie poprzez pożyczki i finansowanie kapitałowe, podczas gdy pokrycie Microsoftu sięga 155%. Cena akcji spółki spadła o połowę względem czerwcowego szczytu, a obligacje wyemitowane w czerwcu o wartości 25 miliardów dolarów spadły poniżej wartości nominalnej we wszystkich okresach zapadalności.","category":"技巧观点","source":"Tomer Tunguz 博客（VC 分析）","aggregationSource":"Tomer Tunguz 博客（VC 分析）","pageTitle":"Kwartalne wydatki inwestycyjne SpaceXAI wyniosły 18,37 miliarda dolarów, a inwestycje w AI odpowiadały za niemal 40% całkowitych wydatków inwestycyjnych Microsoftu - Aioga Wiadomości AI","description":"SpaceXAI wydało w zeszłym kwartale 18,37 miliarda dolarów, z czego 15,83 miliarda dolarów trafiło na AI, co stanowi niemal 40% całkowitych wydatków inwestycyjnych Microsoftu w tym...","url":"https://www.aioga.com/pl/news/cmsgqscmz0dgyro5qamhpzqz8/","contentTranslated":true,"sourceHash":"aab3e1a4c5bcbd8b","translatedAt":"2026-08-06T00:05:32.807Z"}}}}