SpaceX is negotiating roughly $40 billion in debt to pay for AI accelerators from Nvidia, with about $10 billion in bank loans and about $30 billion in investment-grade bonds, according to people familiar with the matter cited by 24/7 Wall St. In after-hours trading, SpaceX (NASDAQ:SPCX) fell about 1% and Nvidia (NASDAQ:NVDA) rose about 0.5%.

Apollo Global Management (NYSE:APO) is expected to lead the offering and place pieces with other buyers; Pimco is among lenders in talks. The deal remains at the discussion stage and is expected to close in 2027. Terms, the lender group, and the final size could all still change, and SpaceX, Apollo, and Nvidia declined to comment on the report.

How the build-up compares to the runway

In Q2 2026, SpaceX reported revenue of $7.81 billion against capital expenditure of $18.37 billion, of which $15.83 billion went to AI. The company posted a net loss of $541 million. On the August 4 earnings call, management said the next two quarters should look "very similar" on spending. Elon Musk added on the call: "So we're exclusive to NVIDIA."

That exclusivity ties the data-center build-out to a single silicon supplier. Under the reported structure, Nvidia records the chip order as revenue when the parts ship, while SpaceX carries the obligation for years. The asymmetry matters: Nvidia's payment arrives on delivery, SpaceX's debt service stretches well past it.

What's unlocking after the IPO

Borrowing sidesteps shareholder dilution today, but the lockup calendar is dense:

• 328.4 million marketable shares unlock October 9
• 328.4 million more unlock October 24
• Up to 1.3 billion become tradeable after Q3 earnings

SpaceX priced at $135 in its June 11, 2026 IPO, peaked at $225.64, and closed at $171.92 on October 6. That close came one session after a 7.63% advance to its best finish since June — putting insider selling right at a fresh unlock.

What Nvidia actually collects

Nvidia closed at $239.24 on October 6 after touching a record intraday high of $243.37, valuing the chipmaker at roughly $5.78 trillion. A $40 billion order is large in headline terms but small against a business of that scale, so no single customer shifts Nvidia's outlook on its own. Yet the deal does expose Nvidia's revenue to the debt-servicing capacity of the counterparties writing the checks.

What lenders are underwriting

Morgan Stanley (NYSE:MS) estimates AI infrastructure will need $1.5 trillion of outside financing by 2028. As more buyers reach for debt to pay for chips, Nvidia's revenue stability becomes partly a function of whether those buyers can carry the load.

Sell-side targets on SpaceX remain aggressive: Adam Jonas at $300, Eric Sheridan of Goldman Sachs (NYSE:GS) at $230, with the average near $235. Those targets assume the capex cycle pays off — the same bet Apollo and the bond market are now being asked to fund. At a market value of $2.2 trillion to $2.3 trillion, with ongoing losses, heavy borrowing, and rising share supply, SpaceX still carries risks the price targets do not fully reflect.

The deal also widens the lens for power, cooling, and networking vendors behind the build. They sit in a similar spot to SpaceX: paid up front as capacity gets built, exposed on the back end to whether the demand materializes.

The forward read

Three markers will tell the story from here. Watch whether SpaceX confirms the financing in a public filing, whether rating agencies publicly engage, and whether the stock holds the $171.92 level through the October 24 lockup expiration.