SpaceX is reportedly working on a new financing package of roughly $40 billion to fund its expanding artificial-intelligence infrastructure, according to the Financial Times. The plan includes about $10 billion in bank loans and $30 billion in investment-grade debt. Apollo Global Management is expected to lead the financing, while Pimco is among the investors discussing participation. The deal remains at an early stage and would likely close in 2027 if completed.
The latest debt push follows SpaceX’s $86 billion IPO in June and a subsequent $25 billion bond sale, meaning the company has already raised about $111 billion this year before the proposed package. The new capital would primarily be used to buy Nvidia hardware for data-center capacity as SpaceX expands beyond rockets and Starlink into large-scale AI compute.
SpaceX has already signed a Google compute agreement giving Google access to roughly 110,000 Nvidia GPUs for $920 million per month, and later added another contract worth about $1.11 billion per month. Management reportedly believes the payback period on new compute capacity could be less than a year, while outside estimates cited by Reuters place it closer to 18 months.
The broader AI borrowing trend is also accelerating: AI-related debt in the U.S. leveraged-finance market has risen from about $20 billion in early 2025 to $88 billion in 2026, an increase of around 340%. SpaceX aims to increase computing capacity from roughly 1.4 gigawatts to 15 gigawatts by the end of 2027.
Credit markets are already signaling caution. SpaceX’s five-year credit-default-swap spread has reportedly reached a record level, and its bonds weakened after reports of the new $40 billion financing plan. The episode illustrates how AI infrastructure increasingly depends on external debt rather than corporate cash alone.
