SpaceX Seeks ~$40B Apollo-Led Debt for Nvidia Chips, FT Reports

The Financial Times reported on Oct. 6, 2026, that SpaceX is seeking about $40 billion in financing led by Apollo Global Management to purchase Nvidia chips, according to people familiar with the matter. The package has not been finalized, and SpaceX, Apollo, Nvidia, and Pimco did not comment.

The Proposed $40 Billion Financing

The Financial Times reports that the package would consist of about $10 billion in bank loans and roughly $30 billion in investment-grade debt. SpaceX has carried a BBB investment-grade rating since its IPO in June, allowing it to access the investment-grade debt market. Apollo is leading the financing effort and would sell the debt to a broad range of investors. Pimco is among the lenders involved in discussions, with a closing expected in 2027.

The financing would support SpaceX’s AI expansion as the company seeks to increase its nameplate compute capacity following its Q2 earnings webcast. Rather than relying entirely on cash generated by its existing operations, the debt would allow SpaceX to use its balance sheet to fund a faster expansion of its compute infrastructure.

Apollo’s Previous Compute Financing

Apollo Global Management has previously led financing efforts for large-scale compute projects. On Jan. 7, 2026, Apollo announced a $3.5 billion capital solution for Valor Compute Infrastructure L.P. The financing supported a $5.4 billion acquisition and lease of data-center compute capacity to an xAI subsidiary under a triple-net lease.

Apollo was also reportedly close to finalizing a roughly $3.4 billion loan on Feb. 9, 2026, for an investment vehicle that would purchase Nvidia chips and lease them to xAI. The deal may have involved Valor Compute Infrastructure, although it was not confirmed as closed.

Nvidia’s Existing SpaceX Investment

SpaceX remains committed to Nvidia architectures for its ground and space-based compute efforts, while Nvidia also holds a significant stake in the company. CNBC reported on Aug. 14, 2026, that Nvidia’s SEC disclosure showed about 122.8 million SpaceX Class A shares valued at approximately $21 billion at the end of the second quarter of 2026. CNBC described the stake as a legacy investment from xAI that rolled into SpaceX following the combination. The value of the stake can change as SpaceX’s shares are traded.

For now, it remains to be seen whether the Apollo-led financing will be completed. At roughly $40 billion, the proposed package would be substantially larger than Apollo’s previous compute financing deals involving companies connected to SpaceX and xAI. If completed, it would give SpaceX a significant new source of capital for expanding its AI compute infrastructure.