Musk Says SpaceX Closed 40 Billion Dollars in Debt for GPU Purchases

Elon Musk said on Sunday, October 25, 2026, that SpaceX had closed 40 billion dollars in debt financing for graphics processing units, known as GPUs. Reuters reported the announcement, which Musk made in a post on X.

Musk said the debt is callable debt for GPU purchases that will arrive in the first quarter and the second quarter. He wrote: "This is primarily callable debt for GPU purchases that will arrive in Q1 and Q2. Not a major factor this quarter."

Why Musk said the raise worked

Musk attributed the successful debt raise to the company investment grade status and to revenue from its Starlink satellite internet and launch businesses. Those businesses give SpaceX revenue that is separate from its artificial intelligence work, and Musk presented that revenue as the reason lenders were willing to provide the money.

Reuters noted that it was not immediately clear from Musk post what he meant by the deal being closed or whether investors had agreed to pricing for the debt. The article therefore attributes the closing to Musk himself. No pricing agreement is stated as confirmed in the Reuters report.

What SpaceX reported for the third quarter

SpaceX revenue climbed 161 percent from a year earlier to 14.58 billion dollars for the three months ended September 30, 2026. Artificial intelligence revenue surged by almost 10 times to 7.56 billion dollars over the same period, according to the Reuters report.

For the fourth quarter, SpaceX expects 35 billion dollars to 40 billion dollars in capital expenditure, according to Chief Financial Officer Bret Johnsen. The GPU purchases covered by the new debt are separate from that fourth quarter figure, because Musk said the hardware will arrive in the first and second quarters.

The reported shape of the package

Reuters reported earlier in October that SpaceX was in talks with banks and asset managers to raise 40 billion dollars for the purchase of Nvidia artificial intelligence chips. A separate report described the package in more detail, and that detail is reported only, not confirmed.

Preliminary talks were reported on October 6 and October 7. The package reportedly consisted of approximately 10 billion dollars in bank loans and 30 billion dollars in investment grade debt, with Apollo Global Management expected to lead and PIMCO reportedly interested. Structuring discussions reportedly included special purpose vehicles with the GPUs as collateral.

The financed hardware is destined for artificial intelligence data centers built on Nvidia technology, including its Colossus cluster, for internal projects and external contracts, according to that report.

Musk warning on debt markets and neoclouds

Musk said debt markets have almost entirely shut off access to money for any company that does not have substantial revenue independent of artificial intelligence data centers. He predicted neocloud companies would face significant consolidation and failures, and he said SpaceX will not buy any neoclouds.

SpaceX completed an 86 billion dollar initial public offering in June 2026 and raised an additional 25 billion dollars in bonds shortly afterward. Terafab, the chip manufacturing joint venture between SpaceX and Tesla in Austin, should produce its first test chip around May or June of next year and aims to reach volume production by the third quarter of 2028, according to the Reuters report.