SpaceX seeks $40 billion to buy Nvidia chips

Be neither a borrower nor a lender. Elon Musk has not read Polonius. The Financial Times reports that SpaceX is seeking to raise $40 billion to buy artificial intelligence chips from Nvidia. Apollo Global Management is leading the financing and is responsible for placing the debt with investors. The debate on the AI ​​debt is starting again with Elon Musk, where xAI could disappear in favor of SpaceXAI.

SpaceX targets 40 billion, 75% in rated debt

According to the Financial Times, the envelope is made up of around $10 billion in bank loans and around $30 billion in so-called investment grade debt (considered low risk by rating agencies). Apollo leads the operation. Bond manager Pimco is among the small group of players under discussion to participate. Bloomberg specifies, however, that the discussions are at an early stage and may not be successful.

Completion is expected in 2027. No rate has been filtered. The markets reacted little: SpaceX shares lost around 1.2% in extended trading, to $169.79. That of Nvidia progressed marginally.

“Colossus 1 has 150,000 H100, 50,000 H200 and 30,000 GB200.

Colossus 2 has 110,000 GB200 and 440,000 GB300.

An additional 220,000 GB300s will be fully operational next week, and another 220,000 in November. Hopefully another 220,000 GB300s by the end of December.”

Elon Musk on X, September 25, 2026

Apollo, Nvidia and the AI debt machine

Apollo is not his first attempt. In August, Nvidia partnered with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR for financing platforms expected to raise more than $500 billion for AI infrastructure projects.

The pattern repeats itself elsewhere. Bloomberg revealed on August 20, 2026 that Broadcom would negotiate with Blackstone and Apollo to raise more than $60 billion in debt. The money would fund chips for Anthropic and other customers. Elon Musk indicated last month that Colossus 2 (the xAI cluster, now under the SpaceXAI banner) could more than double its number of Nvidia chips by December.

AI debt: a wall of 1,500 billion

Morgan Stanley estimates that AI infrastructure will need $1.5 trillion in external financing by 2028. Hence the role of managers like Apollo, who transform construction needs into debt securities placed with investors.

Private credit passes a depth test with 30 billion of rated debt to be sold for a single issuer. Debt now finances chips as much as buildings.