The Financial Times, citing sources, reported that SpaceX (US.SPCX) is seeking to raise $40 billion to purchase Nvidia (US.NVDA) chips, highlighting the continued strong demand for artificial intelligence (AI) computing power.
The report said SpaceX is seeking about $10 billion in bank loans and plans to issue $30 billion in investment-grade bonds to finance chip purchases. Apollo (US.APO) Global Management is expected to lead the deal and assist in selling SpaceX bonds to investors. The transaction is expected to be completed by 2027.
Nvidia, SpaceX, and Apollo have not yet responded to the Financial Times' request for comment. After the report was published, SpaceX's stock price erased its gains in after-hours trading, falling as much as 1.8%, while Nvidia's stock briefly rose 0.6%.
Last month, Musk said the number of Nvidia chips used in xAI's AI computing cluster Colossus 2 could more than double by year-end compared to current levels.
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