SpaceX Reportedly in Talks on $40 Billion Apollo-Led Debt Financing for Nvidia Chips

SpaceX, which trades as SPCX, is in talks to borrow $40 billion to fund purchases of Nvidia chips, with Apollo Global Management expected to lead the effort, according to a Financial Times report. Reuters and other outlets relaying the report describe a package of about $10 billion in bank loans and $30 billion in investment-grade debt, with Pimco among a small group of lenders in talks and a close expected in 2027. SpaceX and Nvidia did not confirm the report. These are talks, not a secured facility.

The chips are for data centers rather than satellites. At SpaceX's August earnings call, the company said it had decided to build exclusively on Nvidia for its AI initiatives, and Reuters noted that Musk has said Colossus 2 could more than double the number of Nvidia chips it uses by December. The scale of the spending explains the borrowing: second-quarter capital expenditures were $18.4 billion, of which $15.8 billion went to AI infrastructure, and first-half spending of about $28.5 billion compares with only about $3.5 billion of cash generated by operations.

One outlet put its own label on the deal. Zerohedge described it as "what appears to be a chip-collateralized SPV deal led by Apollo". That is zerohedge's characterization; the FT-derived reports reviewed here describe bank loans plus investment-grade debt and do not mention an SPV or chip collateral. Separately, a late-September Evercore note, written before the financing report and not about it, forecasts nearly $53 billion of AI capex in the second half of 2026 and $83 billion of 2027 AI revenue versus a $47 billion consensus.

The market reaction was modest. SPCX fell about 1% in after-hours trading on Tuesday, and Yahoo Finance reported a 1.9% decline pre-market on Wednesday after a $171.92 close on Tuesday. Investors may watch whether SpaceX or Nvidia confirms the plan, how the debt is split between banks and bond investors, who ultimately funds it, and whether the deal closes in 2027 as reported.