Tomasz Tunguz · 5 August 2026 · Industry Analysis

Spending Like a Hyperscaler

Tomasz Tunguz, MD @ Theory

SpaceXAI's $18.4B capex in Q2 2026 rivals hyperscaler spending, but unlike Microsoft and Meta it funds only 12% from operating cash flow, relying heavily on debt and equity—a capital structure risk that markets have already repriced.

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Topics: AI (Horizontal) · AI Infrastructure · Venture Capital & Startups

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