What's happening
According to the Financial Times, SpaceX is looking to raise $40 billion to acquire Nvidia AI processors in a bid to expand its compute capabilities.
Structure of the financing
The package could combine $10 billion in bank loans with $30 billion raised on the investment-grade debt market. The transaction is expected to close sometime in 2027, though discussions are still at an early stage and there is no guarantee a deal will materialize.
Nvidia hardware and scale
The financing is reportedly intended for Nvidia's Rubin-generation hardware. Since xAI has traditionally bought servers or rack-scale AI solutions from Nvidia and its partners, it is likely to continue doing so. Assuming Vera Rubin NVL72 systems at around $8 million per unit, $40 billion would buy roughly 5,000 machines with about 360,000 Nvidia Rubin AI accelerators inside.
Existing capacity and intermediaries
Elon Musk said last month that xAI's Colossus 2 cluster houses 110,000 Nvidia GB200 accelerators and 440,000 GB300 devices. Apollo Global Management is expected to take the leading role in arranging the financing, while bond manager Pimco is among a limited number of lenders discussing participation. Apollo has previously financed Musk's AI infrastructure buildout. No parties mentioned in the story commented on the potential deal.
