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Apollo and multiple banks are structuring financing for SpaceX's $40 billion acquisition of Nvidia GPUs, likely for xAI's Colossus cluster.

This validates the scale of SpaceX and xAI's compute buildout and demonstrates hyperscaler capex is now attracting specialized venture-scale financing structures, signaling confidence in GPU supply security and long-term AI infrastructure ROI.

통신사Slicast · 2026년 10월 7일 16:32 UTC · 미국 · 출처: CNBC

중요도 78

Apollo Capital Management and several banks are in discussions with SpaceX to finance the company's $40 billion purchase of Nvidia graphics processing units. The financing will primarily rely on the investment-grade debt market, which SpaceX recently accessed following its record-breaking mid-June IPO. Two weeks after going public, the company raised $25 billion in bonds across various durations to exceptionally strong demand from fixed-income investors.

Market conditions have shifted considerably since then. AI-related bonds have sold off sharply, and credit spreads have widened. The $40 billion GPU purchase is expected to use the chips themselves as collateral, with Apollo Capital playing a leading role in structuring the deal. Credit market participants currently assume GPUs retain their value for approximately seven years—a view supported by persistent semiconductor scarcity and ongoing strong demand for computing power.

SpaceX's financing ambitions reflect a broader industry trend. Meta, Amazon, and Google have all issued bonds recently as the cost of AI infrastructure buildouts accelerates. Fixed-income investors are becoming increasingly selective, demanding higher yields to compensate for AI exposure.

SpaceX is already operating a vast fleet of Nvidia AI chips. CEO Elon Musk disclosed on X in late September that the company's Colossus data center in Memphis, Tennessee, runs 230,000 Nvidia AI chips, while Colossus 2 operates 550,000. The company plans to more than double this capacity by late December, reaching 1.21 million chips "if we get lucky," according to Musk.

The spending spree creates revenue opportunities. SpaceX has signed compute deals with Google, Anthropic, Reflection AI, and Cursor—which it later acquired. However, the company reported nearly $40 billion in debt in its second-quarter financials, and existing debt trades near junk bond levels as credit markets have tightened overall.

To achieve its AI ambitions, SpaceX must sustain heavy investment across both infrastructure and operations.

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