SpaceX (SPCX) Seeks $40 Billion Debt Package to Fund Nvidia AI Chip Purchases

SpaceX Lines Up $40 Billion

SpaceX (SPCX) is seeking roughly $40 billion in debt financing to pay for Nvidia AI chips, a package that would rank among the largest ever raised to fund AI computing. The proposed structure pairs about $10 billion in bank loans with $30 billion of investment-grade corporate bonds, and completion is targeted for 2027, according to a Financial Times report. Apollo Global Management is in talks to lead the arrangement, with Pimco among the large bond investors that could take part. SpaceX, Apollo and Nvidia have not commented on the reported plan. Elon Musk has previously said SpaceX data centers will keep using Nvidia chips as the company expands its AI infrastructure spending. The raise lands on top of an already heavy year for the company's balance sheet. Its June IPO delivered net proceeds of $85.7 billion, and SpaceX added another $25 billion of senior bonds in the same month. Filings with the SEC show total debt climbed from $22 billion at the end of 2025 to $38.4 billion as of June 30. Coupons on the June bonds ran from 5.35% to 6.65%, producing a weighted average of 5.855%. Market commentary does not frame the company as financially distressed, pointing instead to strong credit quality and continued access to capital markets. The interest burden attached to the AI buildout has nonetheless moved to the centre of the investment case. The pattern is industry-wide: as companies race to secure computing capacity, the cost of funding that capacity has become a headline metric for equity investors. If financing costs climb faster than the revenue the chips generate, profitability comes under structural pressure regardless of how strong underlying demand proves. SpaceX's package will function as an early test of how much debt the AI infrastructure ecosystem can absorb, and the pricing, investor demand and ratings movements attached to future issuances will show where that limit sits.

Lambda's $50 Billion Backlog

Lambda, the Nvidia-backed AI cloud provider, is raising up to $4 billion in a final private round ahead of a planned 2027 listing, according to a Wall Street Journal report. Blackstone and Coatue Management are leading the round, which values the company at about $14.5 billion before the new money. The size of the raise is the smaller half of the story. Lambda's order backlog rose from roughly $15 billion in June to about $50 billion in September, a near tripling in three months. Almost the entire increase traces to a single contract: a long-term compute order worth about $35 billion that Anthropic signed in August. Strip that agreement out and the underlying order book grew only modestly, which makes the headline figure a narrower signal than its scale suggests. Customer concentration of this kind cuts both ways. A $35 billion multi-year commitment from a leading AI lab gives Lambda the revenue visibility a pre-IPO data-center operator needs to justify construction financing, and it explains why investors of Blackstone's and Coatue's standing are willing to underwrite a company still roughly two years from listing. It also means a shift in Anthropic's compute strategy, its funding position or its model roadmap would flow directly into the backlog number that will anchor Lambda's IPO valuation. The company rents out GPU capacity to AI labs, the same demand SpaceX is now borrowing to chase with its own hardware purchases. The final terms of Lambda's round, including exact size and dilution, have not been disclosed.

The market's first read of the borrowing plan is cautious rather than alarmist. COINOTAG data shows SpaceX (SPCX) last trading at $168.16, down 2.05% over 24 hours and inside a $165.86 to $172.64 range. COINOTAG's composite scoring puts the strongest resistance at $175.80 with a score of 81 out of 100, while the strongest support sits at $161.82, rated 78/100, so the stock is holding between two well-defined levels rather than testing either. The daily trend indicator remains in an uptrend, the RSI reads 66.9 and open interest in the stock perpetual market stands at $352.6 million. The next catalyst is mechanical: the final terms of the $40 billion package, the coupon levels in particular, will decide which of those two levels gives way first.