SpaceX borrows $40 billion to buy AI chips and predicts a wave of bankruptcies in the sector

Aerospace manufacturer SpaceX closed a $40 billion debt financing deal led by Goldman Sachs and Apollo Global Management via a special purpose vehicle (SPV) on October 25, 2026.

According to statements made by Elon Musk on the social network X, the transaction takes the form of a callable debt intended to finance graphics processing units (GPU) designed by Nvidia. Deliveries of hardware components are planned for the first and second quarters of 2027.

The group relied on the investment-grade financial rating of its balance sheet to complete the off-balance sheet loan without degrading its financial structure. This signature with creditors is backed by cash flows generated by the Starlink satellite network and the rocket sending activity.

For the third quarter ended September 30, 2026, SpaceX's overall revenue reached $14.58 billion, up 161% year-on-year. The precise maturity conditions and interest rates applied to this bond trench have not been detailed by management.

Monetization of Colossus supercomputers as a cash flow engine

The company is seeing a shift in its business model towards the sale of IT infrastructure. Revenues from artificial intelligence-related services amounted to $7.56 billion in the third quarter of 2026, an increase of almost ten times year-on-year. This commercialization of computing power allowed SpaceX to generate the first quarterly net profit in its history.

To generate this liquidity, the company based in Starbase, Texas, rented part of its computer servers to third parties, like the model designer Anthropic. This hosting capacity is based on the continued deployment of the Colossus II data center, located between Mississippi and Tennessee. Incoming flows support an increase in material commitments: CFO Bret Johnsen forecasts capital expenditures (Capex) of between $35 and $40 billion in the fourth quarter of 2026, compared to $20 billion committed in the previous quarter.

Closure of credit and slaughter announced for neoclouds

This massive recourse to private debt occurs in a context of tightening financing conditions. Elon Musk pointed out that bond markets have disrupted access to credit for companies without recurring revenue independent of AI data centers. While global bond issues dedicated to the sector target $570 billion, the rate spread demanded by investors reflects growing distrust about the real return on IT investments.

This scarcity of capital is triggering a phase of restructuring among so-called “neocloud” AI hosts, such as CoreWeave or Nebius. Elon Musk anticipates a brutal consolidation (“guppy-level death”) affecting more than 200 overindebted specialized players. The manager ruled out any purchase of these competing infrastructures by SpaceX, describing the operation as “useless”.

Machine-translated from French