SpaceX shares rise 1.2 per cent pre-market after Elon Musk cites $40 billion GPU debt
Musk also warned on October 25 that tight credit will leave only a few of more than 200 neoclouds standing.
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UpdateMonday, October 26, 2026 at 8:53 AM ET
The financing is a lease under a binding commitment letter, with equipment due from the first half of 2027, not a closed debt facility.
SpaceX's $40 billion of financing carries bonds priced at up to 8.75 per cent. These are the first prices the market has set on the company's credit risk. Until now the package had been described only as a lease and debt deal led by Apollo. The lease is with an Apollo-managed entity under a binding commitment letter. Equipment is due for delivery from the first half of 2027, and each part of the financing is leased for about five to 5.25 years. SpaceX has reported 161 per cent revenue growth this quarter and has beaten estimates on every earnings line. Set against those results, the top coupon of 8.75 per cent is high. If a Tesla-SpaceX merger went ahead, the debt would move into Tesla's pu
SpaceX shares rose 1.2 per cent in pre-market trading after Elon Musk said the company has closed $40 billion of debt financing for graphics processing units (GPUs), the chips used to train and run AI systems. The regular session has not started. It opens at 9:30 AM Eastern.
The deal first surfaced on October 6. Musk's confirmation that the facility has closed, rather than only being pursued, removes the main financing uncertainty flagged at that time. Closing debt at this scale while peers struggle to raise capital signals that SpaceX retains strong access to credit markets, even as financing for smaller operators tightens.
On October 25, Musk said tight credit markets will force consolidation among smaller GPU cloud operators, known as neoclouds. He said debt-market pressure will leave only a few of the more than 200 neoclouds standing.
The facility keeps SpaceX's compute buildout funded without touching Tesla's balance sheet. That distinction matters because speculation about a future combination of the two companies continues.
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