Overview
- Multiple outlets reported on Tuesday that SpaceX is seeking about $40 billion in debt to fund a large Nvidia chip order, structured roughly as $10 billion in bank loans and $30 billion in investment‑grade bonds and expected to close in 2027.
- Apollo Global Management is reported to be leading the financing effort and Pimco has been named as one of the lenders in talks, though SpaceX, Apollo and Nvidia have not publicly confirmed the deal.
- SpaceX already has documented Nvidia commitments — roughly $28 billion in non‑cancelable orders by June 2026 and about $15.8 billion in compute capex in Q2 2026 — and rents excess capacity to customers such as Anthropic to offset that spending.
- The report highlights a broader Nvidia‑led push: in August Nvidia signed MOUs with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to build compute‑financing platforms that aim to mobilize over $500 billion for AI infrastructure.
- Market participants warn that packaging GPUs into long‑dated loans risks lender losses if hardware rapidly loses value, so the outcome of this deal will test investor appetite for large, chip‑backed debt and the terms needed to protect lenders.