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FollowingSpaceX seeks huge debt financing to accelerate AI expansion
It is reported that the company is in talks with banks to raise approximately US$10 billion in bank loans and US$30 billion in investment-grade bonds. Among them, Apollo Global Management Corporation (Apollo) is expected to lead the financing, while institutions such as Pacific Investment Management Corporation (PIMCO) are also discussing participation.
This potential deal follows SpaceX's $86 billion initial public offering (IPO) in June and subsequent $25 billion bond issuance. Before the latest proposed financing plan, the company had raised a total of approximately $111 billion in capital this year.
New financing is mainly used to purchase Nvidia hardware
New financing will be mainly used to support Nvidia hardware needed to support SpaceX's growing data center operations. Musk has been rapidly expanding computing power tied to xAI and related businesses. According to Reuters Breakingviews, SpaceX aims to increase computing power from approximately 1.4 GW to 15 GW by the end of 2027. This huge leap means huge investments in chips, power and facilities.
This makes the latest debt plan part of a broader transformation in AI financing. Companies are increasingly moving beyond internal cash flow and equity issuance to bank loans, bonds, lease structures, and private equity credit to fund AI infrastructure.
Credit markets have reacted
Investors did not view additional borrowing as risk-free. According to reports, SpaceX's five-year credit default swap spreads have risen to record levels as leverage increases. In addition, reports of a new $40 billion round of financing also led to weaker bond performance.
This is critical because AI infrastructure spending is increasingly dependent on whether future revenue can flow in quickly enough to cover fixed financing costs. SpaceX management believes that the payback period for new computing power may be less than a year, while external estimates cited by Reuters put it at around 18 months.
