KeyBanc analyst Michael Leshock stated in a new note that SpaceX is poised to face significant capital expenditures and large capital raises in the coming months. Leshock projects the company will need approximately $250 billion to $300 billion in cumulative capital by the end of 2027 to achieve 6-7 GW of AI capacity. Given its roughly $100 billion cash balance and current free cash flow burn rate, he anticipates SpaceX will raise about $325 billion over the next 18-24 months. This follows SpaceX's Q2 capital expenditures of $18.4 billion, which significantly exceeded analyst estimates of around $6 billion. Despite these financial demands, Wall Street remains largely bullish, with about 80% of sell-side analysts rating SpaceX a Buy or Strong Buy.