Bloomberg: SpaceX’s proposed $40 billion AI chip financing is hindered by credit market volatility
According to Bloomberg, SpaceX’s proposed $40 billion debt financing plan is facing obstacles. The financing, intended to buy Nvidia chips to support the construction of artificial intelligence infrastructure, is currently being discussed as a special purpose vehicle (SPV) structure, with the related liabilities not counted on SpaceX’s own balance sheet in order to protect its investment-grade credit rating.
Sources said that recent sharp volatility in the credit market has pushed up borrowing costs across the industry, making negotiations over borrowing costs more complicated. Investors have begun to reassess the risks of financing large-scale AI infrastructure projects. Goldman Sachs is leading discussions with investors led by Apollo Global Management, Apollo’s Atlas SP is expected to manage the entity, and PIMCO is also considering participating.
Earlier discussions were at an early stage and may ultimately fail to result in a deal. The debt is expected to be divided into several tranches of privately placed bonds, with the subordinated portion amounting to about $25 billion to $30 billion. SpaceX, Goldman Sachs, Apollo and PIMCO have all made no formal confirmation or comment on the related reports.
Original sources:
Title: SpaceX $40 Billion Off-Balance Sheet Debt Snarled by AI Turmoil Publisher: Bloomberg Publication date: 2026-10-23 URL：https://www.bloomberg.com/news/articles/2026-10-23/spacex-40-billion-off-balance-sheet-debt-snarled-by-ai-turmoil Source nature: exclusive report (citing informed sources) Verification status: public summary and paraphrased content were read for this item; verification date 2026-10-25 Supported content: $40 billion off-balance-sheet debt structure, SPV design, credit market volatility hindering pricing, Goldman Sachs and Apollo leading discussions
Title: SpaceX’s $40 billion AI debt plan faces market turmoil Publisher: Livemint (reporting from Bloomberg) Publication date: 2026-10-24 URL：https://www.livemint.com/companies/news/spacexs-40-billion-ai-debt-plan-faces-market-turmoil-can-investors-stomach-the-growing-borrowing-risks-11792809682686.html Source nature: media retelling Verification status: full text was read; verification date 2026-10-25 Supported content: SPV structure details, three-tranche bond size, previously discussed range for subordinated yield, relevant parties did not comment
ABAB AI Insight
Based on publicly available reporting, the core design of this proposed financing is to move the debt related to chip purchases off SpaceX’s consolidated balance sheet through an SPV in order to maintain its investment-grade rating. This arrangement reflects the company’s sensitivity to balance-sheet constraints against the backdrop of a debt deal that is already nearing speculative-grade levels.
Volatility in the credit market has made pricing negotiations for the subordinated portion complicated again, indicating that investors’ risk premium for large-scale leveraged financing of AI infrastructure is rising. The available material only shows that the talks are still ongoing and does not provide final terms, a completion timeline or a formal agreement, and the relevant parties have not publicly confirmed it.
The existing information supports a report that the proposed SPV off-balance-sheet financing is facing pricing obstacles due to market volatility, but it is insufficient to judge whether the deal will ultimately be completed or what actual impact it will have on SpaceX’s credit rating.
ABAB News · Law of Cognition
A proposed off-balance-sheet debt structure can move liabilities off the main entity’s balance sheet to protect the rating.
Credit market volatility can directly push up industry borrowing costs and reopen pricing negotiations.
The financing arrangement in an informed-source report is a matter at the discussion stage, not a completed deal.