Musk said SpaceX is investment grade and generates revenue from its Starlink satellite internet and rocket launch businesses. In a follow-up post, he said the financing consisted primarily of callable debt for graphics processing units. SpaceX had previously been reported to be seeking $40 billion to buy Nvidia chips, with market turmoil complicating the financing talks.
Bloomberg reported earlier, citing people familiar with the matter, that SpaceX was in talks with banks and investors to raise the $40 billion to purchase Nvidia chips. The proposed financing would use a special purpose vehicle to keep the debt off SpaceX’s balance sheet and preserve its investment-grade credit ratings, according to Bloomberg. Goldman Sachs was leading talks with investors, including Apollo Global Management, over the financing structure, according to Bloomberg.
SpaceX has expanded aggressively into artificial intelligence this year, referring to the business as “Super Intelligence,” or SI. The segment has become the company’s largest business unit, with third-quarter revenue surging ninefold to $7.56 billion from $813 million a year earlier, according to its latest earnings release.
Musk said debt markets have largely shut off access to financing for companies without substantial revenue outside AI data centers. He predicted that more than 200 so-called neocloud companies, which provide cloud computing infrastructure designed for artificial intelligence and machine learning workloads, would face widespread failures and consolidation, with only a small number surviving.
The financing underscores the enormous capital requirements of the AI boom, as technology companies pour billions of dollars into advanced chips and data centers to support increasingly powerful AI models.
The chips financed by the deal are expected to arrive in the first and second quarters of 2027.
