SpaceX

AI Infrastructure · Aerospace · Debt Financing

Milestone

SpaceX closes $40B debt deal to buy Nvidia AI chips

Musk structured the financing off balance sheet, leaning on Starlink and launch revenue that AI-only neocloud rivals simply don't have.

• Elon Musk said SpaceX closed $40 billion in off-balance-sheet debt financing to purchase Nvidia GPUs, announced in a post on X on October 25, 2026.
• SpaceX's AI unit, which Musk calls 'Super Intelligence,' became the company's largest business segment after Q3 AI revenue surged ninefold year-over-year to $7.56 billion.
• The deal is primarily callable debt for GPUs expected to arrive in the first and second quarters of 2027, with Goldman Sachs leading talks with investors including Apollo Global Management, whose Atlas SP unit is set to manage the financing vehicle.
• SpaceX's total quarterly revenue climbed 161% year-over-year to $14.58 billion, and CFO Bret Johnsen expects fourth-quarter capital expenditure of $35 billion to $40 billion.
• Musk predicted a shakeout among more than 200 'neocloud' AI computing providers, saying debt markets have largely shut off financing for companies without revenue independent of AI data centers.
• The deal shows that only companies with diversified, non-AI revenue and investment-grade credit can still cheaply finance the AI chip buildout, foreshadowing a widening gap with debt-laden, AI-only infrastructure firms.