SpaceX could more than double its outstanding debt if it completes a reported $40 billion financing package to purchase Nvidia artificial intelligence chips, marking a sharp expansion of the hardware financing already embedded in Elon Musk’s combined space and AI business.
The Financial Times reported that SpaceX is discussing approximately $10 billion of bank loans and $30 billion of investment-grade debt, with Apollo Global Management expected to lead the financing. Pimco is among investors involved in discussions, according to the report, which said the transaction is being targeted for 2027.
The size stands out against SpaceX’s existing balance sheet. SpaceX reported $38.43 billion in total debt principal as of June 30. Including finance leases, debt and lease liabilities totaled $39.51 billion.
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That debt balance had already climbed from $22.05 billion at December 31, 2025, an increase of roughly 74% in six months. SpaceX issued $25 billion of senior unsecured notes in June, partly to repay bridge financing taken around its public offering.
SpaceX was not short of liquidity when it reported those figures. Its June IPO generated approximately $85.68 billion in net proceeds, leaving the company with $93.52 billion in cash and cash equivalents and another $6.49 billion in marketable securities at quarter-end.
The company also disclosed $13.41 billion of “other financings,” up from $4.56 billion at the end of 2025. SpaceX said that category includes obligations related to certain AI infrastructure assets accounted for as failed sale-leaseback transactions.
Apollo has already participated in smaller versions of that financing model. In January, the firm announced a $3.5 billion capital solution supporting Valor Equity Partners’ $5.4 billion acquisition of data-center infrastructure, including Nvidia GB200 GPUs, which were leased to xAI. Nvidia itself invested in the vehicle.
Reuters reported in February that Apollo was also nearing another roughly $3.4 billion loan for a vehicle buying Nvidia chips to lease to xAI.
