Tesla Lines Up $30B in New Credit Facilities, Undrawn, as 2026 Capex Tops $25B

Tesla (TSLA) entered into $30 billion of new senior unsecured credit facilities on Tuesday, Sept 29, according to an 8-K filing. The package is a $20 billion three-year delayed-draw term loan with Citibank as agent, an $8 billion five-year revolving facility and a $2 billion 364-day revolver, both with Wells Fargo as agent. Tesla may raise revolver commitments by up to $4 billion, and the five-year revolver allows up to $500 million of letters of credit.

The filing describes the use of proceeds only as general corporate purposes. It also shows the headline number is capacity rather than new debt: no loans were outstanding as of Sept 29, and Tesla terminated its $5 billion revolving facility from January 2023 the same day, so net new revolving capacity is $5 billion. The term loan can be drawn no more than ten times within 18 months, and undrawn commitments step down to $10 billion after one year and $5 billion after 15 months. A covenant requires Tesla to keep at least $5 billion of consolidated liquidity.

Coverage from TechCrunch and others linked the facilities to Tesla's spending on the Cybercab robotaxi, Optimus robot and Semi, against 2026 capital expenditures of more than $25 billion, though the filing itself does not earmark the money. Tesla shares fell 1.29% to $352.84 on Tuesday and are down about 22% this year. What to watch: whether and when Tesla draws on the term loan before commitments step down, and updates on capex at the next earnings report.