SpaceX’s $40B AI Debt Plan Raises Credit Concerns

SpaceX is reportedly seeking about $40 billion in financing—around $10 billion in bank loans and $30 billion in investment-grade debt—to buy Nvidia GPUs and expand AI data centres. Apollo is expected to lead, with Pimco among potential participants; the deal remains at an early stage and could close in 2027. SpaceX’s plan builds on reported agreements for substantial computing capacity, including a Google deal involving about 110,000 Nvidia GPUs, and supports its goal of reaching a $100 billion annualized revenue run rate. The company is also targeting an increase in computing capacity from roughly 1.4 gigawatts to 15 gigawatts by the end of 2027. The latest report adds that SpaceX has raised about $111 billion this year through a reported $86 billion IPO and a $25 billion bond sale. Credit markets have shown signs of strain: its five-year credit-default-swap spread reportedly hit a record and its bonds weakened after the financing plan surfaced. SpaceX says new capacity could repay its cost in under a year, while outside estimates put the payback period at around 18 months. The proposed borrowing highlights the growing role of debt in AI infrastructure investment, with execution and customer revenue key to managing credit risk.