SpaceX Pursues $40B Debt Deal to Secure Nvidia AI Chips

Key points

• SpaceX is seeking $40 billion in financing to buy Nvidia AI chips, with $10 billion from bank loans and $30 billion from investment-grade debt.
• Apollo is expected to lead the deal, and PIMCO is reportedly involved in discussions, according to sources cited by Reuters.
• Morgan Stanley estimates AI infrastructure will require $1.5 trillion in external financing by 2028, even as lenders grow cautious.
• SpaceX shares fell 2% in early trade, while Nvidia’s stock rose 0.5% following the report.
• Musk stated that xAI’s Colossus 2 data center could more than double its use of Nvidia chips by December.

Background

SpaceX went public in June 2026 in a record $86 billion IPO. In August 2026, Nvidia partnered with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR on financing platforms intended to mobilize more than $500 billion for AI infrastructure projects. Earlier in September 2026, SpaceX outlined ambitions to reach as much as 10 GW of terrestrial AI capacity by 2027.

How outlets are covering it

Reuters and Investing.com report that SpaceX is in talks with banks and asset managers to raise $40 billion for Nvidia chips, with Apollo leading the deal and PIMCO involved. The Financial Times confirms the $40 billion figure and Apollo’s role but is behind a paywall. Yahoo Finance notes that SpaceX stock slipped after-hours following the report. All sources agree on the $40 billion figure and the involvement of Apollo and PIMCO, but only Reuters and Investing.com provide details on the $10 billion bank loan and $30 billion investment-grade debt split. Morgan Stanley’s estimate of $1.5 trillion in AI infrastructure financing by 2028 is cited by Reuters and Investing.com to contextualize the scale of the deal.

Why it matters

The $40 billion financing underscores the enormous capital requirements of the AI boom, as technology companies race to secure advanced processors and build out computing infrastructure. It highlights the growing reliance on debt financing for AI infrastructure, even as lenders and investors grow more cautious about funding the industry’s expansion. The deal also reflects the strategic importance of Nvidia chips in AI development, as Musk plans to use Nvidia hardware exclusively to build its data centers.

What to watch

SpaceX and Nvidia did not immediately respond to a request for comment, while Apollo and PIMCO declined to comment. The sources declined to be identified because the deal is still not public. Investors will watch for further developments on the financing structure and the impact on SpaceX and Nvidia stock prices. The broader AI infrastructure financing market will also be monitored for signs of caution or expansion.