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Space Exploration Technologies shares fell 1.9% in premarket trading on Wednesday, October 7, after the Financial Times reported that the company is seeking $40 billion in financing to buy Nvidia AI chips. The proposed package would include about $10 billion in bank loans and $30 billion in investment-grade debt, with Apollo Global Management expected to lead the effort, according to the report cited by Reuters.
The financing has not been announced by SpaceX, Apollo or Nvidia. But its reported scale has sharpened investor attention on SpaceX’s spending as it expands computing infrastructure alongside its launch and Starlink businesses. A scheduled release of up to 328.4 million previously locked-up shares on October 9 adds a separate near-term consideration for traders.
Reported debt plan would fund AI chip purchases
Reuters reported on October 6 that the Financial Times, citing people familiar with the matter, said SpaceX was looking to raise the financing for Nvidia processors. Apollo is expected to lead the deal and help place the debt with investors; Pimco was among lenders reportedly in discussions. The transaction is expected to close in 2027, according to the report.
These details remain attributed to people familiar with the talks rather than a public financing announcement. Reuters said SpaceX, Apollo and Nvidia did not immediately respond to requests for comment, while Pimco declined to comment. The reported structure and timetable could still change, and the coverage did not establish that the borrowing has been finalized.
The plan would deepen SpaceX’s reliance on external financing for an AI buildout that sits alongside its established space and connectivity operations. Reuters reported that Elon Musk had said the company planned to use Nvidia hardware exclusively for its data centers. He also said the Colossus 2 data center used by xAI could more than double its Nvidia chip count by December.
First-half spending outpaced operating cash generation
SpaceX’s second-quarter filing with the Securities and Exchange Commission shows why investors are scrutinizing the cost of expansion. In the six months ended June 30, 2026, the company generated $3.466 billion in cash from operating activities. Capital expenditures were approximately $28.5 billion over the same period, according to its filing.
The filing says investment spending rose mainly because of data centers and related infrastructure, as well as space launch facilities and associated infrastructure. It also reports that research and development costs increased across AI and space operations, including spending on AI computing infrastructure and continued development of the Starship vehicle.
SpaceX is not, however, starting from a small cash position. Its second-quarter results release said it ended June with about $100 billion in cash, cash equivalents and marketable securities, and $47.5 billion in backlog. The company reported $7.8 billion in revenue for the quarter, up 92% year over year, alongside a net loss of $541 million.
Those figures offer context but do not settle the question of how investors may assess additional borrowing. The proposed $40 billion would be a financing plan for a specific chip purchase; it is not the same as a completed loan or a confirmed amount of new debt on SpaceX’s balance sheet.
Share release scheduled for October 9
A separate factor is the next scheduled tranche in SpaceX’s post-IPO lock-up arrangement. According to the release schedule described in the company’s registration materials, up to 328.4 million shares may become eligible for sale on October 9. That is a potential supply of shares, not evidence that holders will sell them.
The date falls two days after the financing report, creating a closely timed event for investors to weigh. Earlier tranches were scheduled in September, and further releases are listed for October and December. Lock-up expirations can make investors attentive to possible changes in tradable supply, but their effect on a share price depends on whether eligible holders actually sell and on broader trading conditions.
AI ambition and funding details remain in focus
SpaceX’s growth strategy increasingly connects its AI business with large infrastructure commitments. In August, Nvidia announced financing initiatives with Apollo and other financial firms aimed at mobilizing capital for AI infrastructure projects. That broader industry backdrop does not confirm the terms of the reported SpaceX transaction, but it illustrates the scale of financing being sought across the sector.
For SpaceX, the immediate questions are whether the reported debt package proceeds, what final terms it carries and how the company’s planned chip purchases relate to the pace of its data-center expansion. The October 9 share release is on the calendar; no completed $40 billion financing was confirmed in the reporting available on October 7. Shares were down 1.9% before the regular session, according to Investing.com’s report.
