SpaceX (SPCX) is looking to raise USD 40bln to buy Nvidia (NVDA) chips in financing led by Apollo, according to FT

Private credit financing of AI compute capex has become an established pattern in this cycle, with large asset managers stepping in where bank balance sheets and public markets do not reach, and headline sums of this size sit at the top of the range such deals have reached. The structure matters more than the quantum: chip-collateralised or GPU-backed lending has been the recurring template, and the terms Apollo extracts will signal how private credit is pricing hardware depreciation risk against contracted compute demand. For Nvidia, vendor-financed or lender-financed demand of this kind has historically raised the circularity question, whether reported chip revenue reflects end-user pull or capital markets capacity, a distinction that has separated sustainable order books from financed ones in past hardware cycles. The immediate follow-ons are confirmation from the parties involved, the structure and pricing of the facility, and whether the raise is earmarked for a specific buildout or general procurement. Note the headline carries an unusual ticker attribution, since SpaceX is privately held, so the details as reported warrant caution pending corroboration.