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BackGoldman and Apollo in talks to sell SpaceX deal
Goldman and Apollo in talks to sell SpaceX deal
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Bloomberg HT3 minutes agoBusiness1 min readTürkiyeView original

Goldman and Apollo in talks to sell SpaceX deal

Two-stage debt package includes Rubin chip purchase to be delivered in the first half of 2027

spacexnvidiarubin chip

Quick Look

  • SpaceX signed a $47.3 billion two-phase financing deal to purchase Nvidia's latest Rubin chips.
  • The debt package consists of $8.3 billion in senior secured loans and bond tranches.
  • Goldman Sachs managed the loan, Apollo bonds.

AI-generated summary

Why It Matters

SpaceX has set up a large-scale financing structure to purchase Nvidia's latest Rubin chips. This deal was described as the largest deal of its kind on record for GPUs.

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According to sources, the two companies have started contacting potential buyers for multi-stage financing. According to SpaceX's statement, this deal, structured so that debt does not appear on SpaceX's balance sheet, is the largest deal of its kind on record for GPUs.

In some cases, investors were asked to purchase tranches worth up to $500 million before the formal syndication process began, in order to complete the transaction quickly, the sources said. According to sources, syndication is planned to begin soon.

According to sources, the debt was structured in several tranches; These include $8.3 billion in senior secured loans to be syndicated to banks and several tranches of bonds to be sold to asset managers. Sources stated that Goldman leads the loans, while Apollo is the main investor in bonds. Pacific Investment Management Co. also joined the agreement.

The debt package, along with a $7 billion lease down payment, will be used to purchase approximately $47.3 billion of graphics processing unit equipment, namely Nvidia's latest Rubin chips, according to the documents. The chips will be delivered in the first half of 2027.

What to Watch

AI outlook — possibilities, not facts

  • The syndication process will begin soon and tranches worth up to $500 million will be sold to investors

    Very likely · Within days

  • Rubin chips are expected to be delivered in the first half of 2027

    Likely · Within months

Open Questions

  • What is the exact cost and interest rates of financing?
  • What will SpaceX's balance sheet be like after this debt?
  • Will the exact delivery date and quantity of Rubin chips be clarified?

Related Topics

spacex
OrganizationsSpaceXNvidiaGoldman SachsApollo
PlacesUnited States
Topicsnvidiarubin chipfinancingdebtbondgpu
This article was originally published by Bloomberg HT.

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