NEW YORK — Shares of SpaceX eased on Wednesday after a report that the company is preparing to raise a staggering sum to feed its artificial-intelligence ambitions. SpaceX — NASDAQ: SPCX — which now includes xAI following this year's merger, dipped after Bloomberg reported it is looking to issue about $40 billion in new debt to buy Nvidia ($NVDA) chips for its data centers.
The reported structure splits into roughly $10 billion in bank loans and $30 billion in investment-grade debt, with Apollo Global said to be leading the financing and PIMCO among those looking at the deal. For a company still young on the public markets, it would be one of the largest corporate debt raises tied to an AI buildout yet — and investors took a cautious first read.
What the Money Buys
The chips are destined for Colossus 1 and Colossus 2, SpaceX's data centers in Memphis, Tennessee, which the company says already generate billions per month in recurring revenue from AI compute services. CFO Bret Johnsen has said SpaceX believes it is on track to reach $100 billion in annual recurring revenue, pointing to a hosting deal worth about $1.11 billion a month — roughly $13 billion of ARR — starting December 1. That revenue engine is the same AI-compute thesis that has powered the stock's run, a story we explored in SpaceX's broader capex narrative.
Where the Tape Stands
At mid-morning in New York, $SPCX traded near $168, down about 2% on the session, as the market weighed the added leverage against the growth it could fund. Tesla ($TSLA) held firm near $378, little changed on the day. Broad tech was steady, with chip bellwether $NVDA in focus given the scale of the order and indices like the $QQQ holding their ground.
