SpaceX In Early Talks for ~$40B Debt, Led by Apollo, to Buy Nvidia Chips
SpaceX is in early talks to borrow about $40 billion for Nvidia AI chips, the Financial Times and Bloomberg report. The FT, via Reuters, puts the structure at roughly $10B bank loans plus $30B investment-grade debt, with Apollo expected to lead and Pimco among lenders, targeting a 2027 close. Bloomberg independently confirms talks and Pimco interest, and stresses the discussions are early-stage and may not happen. The borrower is SpaceX — not xAI. No party has confirmed a deal.
One of the largest single debt packages yet floated to buy GPUs is still only a talk — and the borrower on the term sheet, if there is one, is SpaceX, not xAI.
The Financial Times reported on October 6 that SpaceX plans to raise about $40 billion of debt to pay for Nvidia AI chips, citing people familiar. Reuters relayed the FT's structure: roughly $10 billion of bank loans and $30 billion of investment-grade debt, with Apollo Global Management expected to lead and place the debt. Bond manager Pimco is among a small group of lenders in talks, and the transaction is expected to close in 2027.
Bloomberg separately reported, also citing people familiar, that SpaceX is in talks with banks and investors and that Pacific Investment Management is looking at the deal. Bloomberg said the discussions are at an early stage and could end without a deal. SpaceX, Apollo and Nvidia did not immediately respond; Pimco declined to comment to Reuters.
Structure and market read
If the FT figures hold, three-quarters of the package would be investment-grade debt placed by a private-credit firm — chip purchases financed like infrastructure rather than out of equity or cash flow. That spreads AI-capex exposure into bond and private-credit portfolios at a moment when, Reuters notes, lenders are growing more cautious.
After-hours: SpaceX shares fell about 1% (Reuters) / as much as 1.8% (Bloomberg); Nvidia rose about 0.5%.
Context, carefully
SpaceX took itself public in June in a record $86 billion IPO, Reuters notes, and Musk has said the company will use Nvidia hardware exclusively for its data centres. After SpaceX acquired xAI, Colossus compute sits on the combined balance sheet — but this debt story's named borrower is SpaceX.
Bloomberg cites Musk's September claim that xAI's Colossus 2 has 110,000 GB200s and 440,000 GB300s, with more due by year-end. Those chip counts are Musk via Bloomberg, not an audited inventory.
Apollo is among the firms Nvidia partnered with in August on financing platforms meant to mobilise more than $500 billion for AI infrastructure. Nothing we read places this SpaceX package inside that coalition.
Limits
- In talks / early stage / may not happen — no party confirmation.
- $10B / $30B split and Apollo lead = FT figures (FT original not inspected; Reuters relay).
- Bloomberg confirms talks and Pimco independently; uses FT for structure.
- Borrower is SpaceX, not "xAI borrowing."
- Colossus 2 counts = Musk claims relayed by Bloomberg.