SpaceX is reportedly seeking to borrow $40 billion to procure 360,000 Nvidia Rubin AI accelerators for AI infrastructure.

SpaceX is reportedly looking to raise $40 billion to acquire Nvidia AI processors and expand its compute capabilities, according to the Financial Times. The financing could combine $10 billion in bank loans with $30 billion in investment-grade debt and may be completed in 2027. Discussions are still at an early stage, and there is no guarantee that a transaction will materialize. If it does, SpaceX's xAI would receive $40 billion worth of Nvidia Rubin generation hardware, including AI accelerators.

Bloomberg reports that the proposed financing would be used specifically to purchase Nvidia AI accelerators. However, xAI has traditionally bought servers or rack-scale AI systems from Nvidia and its partners rather than accelerators that it then assembles into servers itself, so it is likely to continue that approach. Assuming xAI does acquire Vera Rubin NVL72 systems at around $8 million per unit, $40 billion would buy approximately 5,000 machines, containing roughly 360,000 Nvidia Rubin AI accelerators. It is unclear whether $40 billion represents xAI's entire new compute capacity budget for 2027 or whether the company plans to spend more.

xAI's existing Nvidia deployments are already substantial. Elon Musk said last month that xAI's Colossus 2 cluster currently houses 110,000 Nvidia GB200 accelerators and 440,000 GB300 devices.

SpaceX intends to obtain approximately $10 billion from banks and raise another $30 billion in the investment-grade debt market. Apollo Global Management is expected to take the leading role in arranging the financing, and bond manager Pimco is among a limited number of lenders discussing participation, the report claims. The transaction is currently expected to close sometime in 2027.

Apollo already has considerable exposure to this market and has previously participated in financing the buildout of Musk's AI infrastructure. Bloomberg reports that Apollo arranged a $7 billion financing deal with xAI that funded Nvidia hardware for the company's Colossus 2 data center near Memphis. In August, Nvidia teamed up with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to establish financing platforms designed to attract more than $500 billion in third-party funding for AI infrastructure.

No parties mentioned in the story commented on the potential deal.