Goldman Sachs and Apollo begin pitching SpaceX's $40 billion AI chip financing to Wall Street investors

BlockBeats news, November 5 - According to Bloomberg, Goldman Sachs and Apollo have begun pitching Wall Street investors on a roughly $40 billion AI chip financing package for SpaceX, with some investors invited to subscribe early for financing shares of up to $500 million, and formal syndication distribution expected to launch soon.

The financing package, announced in October this year, is the largest GPU financing arrangement to date. The specific structure is: an Apollo-backed entity purchases approximately $47.3 billion of Nvidia GPUs and related equipment, mainly including next-generation Rubin chips, of which about $40 billion is financed through debt, and another $7 billion is prepaid lease payments by SpaceX.

SpaceX will lease these chips for a term of about 5 years, keeping the related financing debt off its balance sheet through this structure to protect its own credit rating. The debt financing includes $8.3 billion in senior secured loans, as well as multi-tranche bonds issued to institutional investors. Nvidia chips are expected to be delivered in the first half of 2027.

It is worth noting that SpaceX's lease payment obligation is unconditional, and rent must continue to be paid even if the equipment is damaged or a major event causes operational disruption; at the same time, SpaceX does not guarantee the residual value of the chips at the end of the lease term.