Torque-in' Multi-industrials

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Torque-in' Multi-industrials

Industrials | Multi-Industry, Electrical Equipment & Aerospace

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July 20, 2026

Alexander Virgo Torque-in' Multi-industrials

44 20 7847 3520 This week… we look into what compute in low earth orbit (LEO) might

Alexander.Virgo@evercoreisi.com mean for our coverage. Even if fully scaled orbital data centers are a

Gustavo Gonzalez multi-year+ story, the infrastructure (namely power / electrical) is likely

212-653-8998 to start being planned for / stood up several years ahead. We leverage

Gustavo.Gonzalez@evercoreisi.com

our EvrISI Frontier AI Models & Infrastructure team’s recent SPCX

Kriti Vardineni

initiation to understand how SPCX’s (covered by Kutgun Maral) launch 212-801-3882

Kriti.Vardineni@evercoreisi.com cadence might impact terrestrial demand for power / electrical

infrastructure given the high electricity needed to make rocket fuel,

power launch campuses.

What we found: The path to orbital compute needs a large terrestrial

build through launch infrastructure, rocket propellant. And then there is

the company’s advanced chip fab ("Terafab"). Put all together, these

efforts add to electricity demand on an already constrained grid, where

speed to power likely still dominates the conversation (+ve for pricing

power). We see this as beneficial for demand for power gen and

electrical infrastructure (GEV, ENR, SU, ABB, SIE, NVT, HUBB).

We use our EvrISI Frontier AI Models & Infrastructure team’s

estimated launch cadence. For context, the team sees launches

going from c150 in ‘26E to >2,300 by ‘30E (+183%/135% in ‘29/30E).

The ramp post 2030 is substantial with the team estimating >2x

increase in launches in 2031 (to >5,800). Based on those

assumptions, our takeaways are (more inside…):