Elon Musk said on X that SpaceX had closed a US$40 billion off-balance-sheet debt deal for Nvidia AI chips, citing revenue from Starlink and rocket launches.

It remained unclear what Musk meant by “closed,” including whether investors had agreed on pricing.

SpaceX, the US rocket and satellite company behind Starlink, has investment-grade ratings. Fitch published BBB, and Moody’s assigned Baa1.

Off-balance-sheet financing generally involves excluding liabilities from a company’s balance sheet, often through leases or special-purpose entities. The accounting treatment depends on the arrangement.

SpaceX also plans to launch Nvidia-powered AI satellites into orbit next year.

Bankers led by Goldman Sachs were discussing the financing structure with investors led by Apollo. Pacific Investment Management Co. (Pimco) had also considered investing.

Separately, CoreWeave, a US cloud computing company focused on AI infrastructure, closed a US$8.5 billion investment-grade-rated, graphics processing unit-backed facility.

BlackRock has highlighted AI-related private-credit risks.

🔗 Source: Bloomberg

Recent SpaceX developments