SpaceX is reportedly seeking $40bn in debt financing led by Apollo to buy Nvidia chips. The proposed borrowing underscores how AI infrastructure spending is extending into private credit markets.
SpaceX is seeking to raise $40bn through a debt deal led by Apollo, according to the Financial Times, with the proceeds intended to buy Nvidia chips. The proposed financing would be among the largest borrowings tied to the build-out of AI infrastructure.
The deal comes as companies continue committing large sums to chips, data centres and related infrastructure needed for AI systems. Its reported structure links a private company’s hardware demand with institutional lending rather than relying solely on equity financing.
Nvidia is the named chip supplier in the transaction. Its latest reported annual figures show $215.9B in revenue, up 65.5% year on year, alongside a 71.1% gross margin and 55.6% net margin; those figures provide context for the scale of demand behind the proposed purchase, but are from the fiscal year ended January 25, 2026.
The financing is still described as a proposed deal, and its completion, final size and terms remain open questions. The next details to watch are whether Apollo and SpaceX reach an agreement, how the borrowing is structured, and whether the transaction proceeds at the reported $40bn size.
Our take
1 / 7
Our read · Oct 6
SpaceX is reportedly seeking $40bn in Apollo-led debt financing to buy Nvidia chips.
Why
The reported financing points to another large source of demand for Nvidia hardware, adding a concrete buyer and funding mechanism to the AI infrastructure cycle. Nvidia’s fiscal-year revenue reached $215.9B with a 71.1% gross margin and 55.6% net margin, but the proposed transaction’s final terms and timing determine how much incremental demand it creates.
What could change this view
The financing could be reduced, delayed or abandoned, or its proceeds could translate into less Nvidia hardware demand than reported.
▲ The case it holds
SpaceX’s reported $40bn chip financing would add a major funded customer commitment to Nvidia’s already growing $215.9B revenue base.
▼ The case it breaks
The opposing case is that the deal remains proposed, so its final size, timing and Nvidia order flow are not yet established.
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