STARCLOUD · Starcloud
Space Infrastructure / Orbital AI Data Centers (compute-in-space)
STARCLOUD·Space Infrastructure / Orbital AI Data Centers (compute-in-space)Pre-IPO · Private
Starcloud

Starcloud

ConvictionWeak

Pre-revenue R&D-stage. Intended model: build and operate solar-powered AI datacenters in orbit (dedicated solar arrays + vacuum radiative cooling) and sell GPU compute capacity, initially via a named partner (Crusoe 'Crusoe Cloud' on a Starcloud satellite). No commercial revenue as of mid-2026; a bitcoin-mining payload is planned on Starcloud-2 as an interim monetization test.

Revenue
Not disclosed — pre-revenue. No commercial orbital-datacenter revenue as of mid-2026first paid GPU capacity (via Crusoe) targeted from early 2027 at demo scale.
Rev growth
Not disclosedpre-revenue).
Gross margin
Not disclosed. The claimed ~10x-lower energy cost / $0.05-per-kWh orbital economics is a COMPANY PROJECTION resting on unbuilt Starship launch costsnot a demonstrated margin.
Op margin
Not disclosedpre-revenue, R&D burn).
Capex intensity
Very high and physics-intensive — satellite buildslaunch on SpaceX Falcon 9 / future Starship, deployable radiators, and a pitched multi-GW solar-array constellation. Absolute figures not disclosed.
Valuation
~$1.1B post-moneySeries A, $170M raise led by Benchmark + EQT Ventures, Mar 2026). Reportedly in talks Apr 2026 for a follow-on near ~$2.2B with SpaceX exploring strategic interest (reported, NOT confirmed closed). ~$200M total raised incl. a ~$34M seed (2024, a16z + In-Q-Tel).
Across the boards

The thesis on this name

subject

Scaling the AI Cloud

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Coverage leans bullish

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

  • Income statement & margin structure
  • SWOT, moats & dependency map
  • Supplier–customer ecosystem graph
  • Signals, trends & valuation range
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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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