SpaceX closes $40 billion debt financing to buy Nvidia GPUs

updates

2026-10-28Fitch says the $40 billion GPU lease, structured as a master finance lease, won't change SpaceX's BBB+ credit rating; the agency also disclosed SpaceX held $89.9 billion in cash as of Sept. 30.

2026-10-25Musk says on X that SpaceX has closed the $40 billion debt financing, callable debt for GPU purchases arriving in Q1 and Q2, and that Starlink and launch revenue plus the company's investment-grade rating preserved its access to credit, per Reuters.

2026-10-07score 2 → 3Reuters independently picked up the FT report and added that the financing is expected to close in 2027.

what happened

SpaceX is seeking to raise about $40 billion, split between roughly $10 billion in bank loans and $30 billion in investment-grade bonds, in a financing round led by Apollo Global Management to fund purchases of Nvidia chips, according to the Financial Times as reported by ChainCatcher, Crypto Briefing and Reuters. ChainCatcher said Apollo is expected to arrange the bond sale to a broad base of investors, with PIMCO among the lenders in discussions; Reuters, also citing the FT, reported the transaction is expected to close in 2027. The financing would follow SpaceX's $28 billion in AI-related non-cancelable commitments disclosed as of June 2026 and $15.8 billion in second-quarter compute capex.

why it matters

SpaceX's financing lets it build out AI compute capacity without burning the cash reserves it needs for Starship and Starlink; Fitch's rating affirmation is a signal to lenders and launch customers alike that the company's leverage from the debt-funded GPU buildout isn't yet a credit concern. The financing would follow SpaceX's $28 billion in AI-related non-cancelable commitments disclosed as of June 2026 and $15.8 billion in second-quarter compute capex. Fitch Ratings said Oct. 28 that SpaceX's BBB+ rating will remain unchanged following its binding commitment to the roughly $40 billion master finance lease for Nvidia Vera Rubin chips, which Fitch said aligns with its existing rating case; Fitch put SpaceX's cash, cash equivalents and short-term marketable securities at $89.9 billion as of Sept. 30, 2026, alongside $38 billion in total debt with no material payments due until July 2031, per Investing.com.

signal-to-noise

WIDELY REPORTED

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leadtier 1 of 5 on its owncorrob+2 earned from 2 rulesmixone source class (informal)

calculation

1base tier 1 from lead source class "informal" (ChainCatcher) chaincatcher.com+12 distinct sources (>=2)+1Reuters independently picked up the FT report and added that the financing is expected to close in 2027. investing.com+1survived uncontested past the persistence window (caps at 4)

= 4current score, recomputed by the engine on every change

movements

2→32026-10-07 · Reuters independently picked up the FT report and added that the financing is expected to close in 2027.3→42026-10-20 · survived uncontested past the persistence window (caps at 4)

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SpaceX closes $40 billion debt financing to buy Nvidia GPUs

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