SpaceX is in talks with banks and asset managers to raise $40 billion for purchases of Nvidia artificial-intelligence chips, according to Reuters and the Wall Street Journal. The proposed package comprises about $10 billion of bank loans and $30 billion of investment-grade debt. Reuters said two people familiar with the matter confirmed the financing discussions. The transaction remains under negotiation and has not been publicly announced by SpaceX.
The fundraising would rank among the largest financing packages assembled for artificial-intelligence infrastructure. Reuters reported that SpaceX was discussing financing with Pimco and, citing the Financial Times, said Apollo was expected to lead the transaction and help place the debt. The reports followed a rapid expansion of computing investment across technology companies. SpaceX and Nvidia did not immediately comment, while Apollo and Pimco declined to comment to Reuters.
BANKS WEIGH AN UNUSUALLY LARGE PACKAGE
The split between bank loans and investment-grade bonds would distribute the financing across relationship lenders and institutional debt investors. The scale would also test demand for corporate borrowing linked to data centres and advanced processors. Reuters said SpaceX shares fell after the financing talks became public, underscoring investor sensitivity to the proposed leverage.
The prospective deal forms part of a broader effort to fund artificial-intelligence infrastructure outside technology companies’ existing cash flows. Morgan Stanley estimates that the sector will require $1.5 trillion of external financing by 2028, Reuters reported. Nvidia has separately joined Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR in platforms intended to mobilise more than $500 billion for such projects.
TERMS AND COMMITMENTS REMAIN UNSETTLED
The financing is still conditional because no final lender group, pricing or closing timetable has been disclosed. Apollo’s expected leadership role and Pimco’s participation have not been confirmed publicly by those firms. Final terms may change as arrangers test demand from banks, insurers, pension funds and other bond investors.
The next material milestone would be a formal mandate, committed financing package or securities filing that confirms the structure. Lenders will need to assess SpaceX’s prospective cash flows against the size and duration of the borrowing. Until binding terms emerge, the reported $40 billion remains a financing target rather than completed funding.