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
Full context
The read
Where our coverage leans
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
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