On Tuesday, Futurum Equities chief market strategist Shay Boloor highlighted comments from Elon Musk during Space Exploration Technologies Corp.’s (NASDAQ:SPCX) third-quarter earnings call, raising questions about whether the industry has enough infrastructure to meet surging demand.

SpaceX Struggles to Find Available Chips

During the earnings call, Musk stated that he expects the shortage of superintelligence computing capacity to persist for years, adding that SpaceX’s short-term compute contracts are renewing at higher prices.

"We are also frankly hounded relentlessly by every hyperscaler and by dozens of smaller companies to rent more of our compute. So we could rent out our compute several times over if we said yes to everyone," the SpaceX CEO said.

Musk also said SpaceX tried to shift some inference workloads to other cloud providers to free up capacity for AI training but struggled to find available Nvidia Corp.’s (NASDAQ:NVDA) GB300 and GB200 systems, Alphabet Inc.’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google TPUs, Amazon.com, Inc.’s (NASDAQ:AMZN) Trainium chips and Nvidia H100 GPUs.

"So I don’t think we’re going to have a demand issue here. And like, it’s not impossible—I’m not saying this will happen—it’s not impossible that we will have a six month payback period for compute next year," the tech mogul said.

Strategist Says AI Chip Shortage Is Far From Over

"That’s pretty insane coming from one of world’s largest AI infrastructure builders because the shortage extends across nearly every major chip architecture," Boloor wrote on X.

He added, "And if SpaceX can’t find spare capacity despite its scale and willingness to pay then it’s getting much harder to argue we’re already in a broad AI compute glut."

Elon basically said on the $SPCX earnings call that it tried to rent outside AI compute to free up its own capacity for training but found no spare $NVDA GB300s, GB200s, older H100s, $GOOGL TPUs or $AMZN Trainium.

That's pretty insane coming from one of world's largest AI… pic.twitter.com/3XaIOBC3ZS

— Shay Boloor (@StockSavvyShay) October 21, 2026

SpaceX Reports Strong AI Revenue Growth

SpaceX reported third-quarter revenue of $14.58 billion, beating analyst estimates of $12.74 billion. Earnings came in at 35 cents per share, compared with expectations of 12 cents.

Revenue climbed 161% year over year, led by its Super Intelligence business, which generated $7.6 billion, up 830%. Connectivity revenue, including Starlink, rose 69% to $5.2 billion, while the space business grew 6% to $1.8 billion.

SpaceX said its third-quarter capital expenditures totaled $19.6 billion, primarily driven by investments in its superintelligence computing infrastructure, Starship infrastructure and satellite production.

The company expects capital expenditures to rise to $35 billion to $40 billion in the fourth quarter as additional capacity comes online.

Price Action: Shares closed Tuesday’s regular session at $147.79 before rising 8.06% to $159.79 in after-hours trading, according to Benzinga Pro.

According to Benzinga Edge Stock Rankings, SpaceX has positive medium- and long-term price trends but a negative short-term trend.