SpaceX closes $40 billion in debt for GPUs, Elon Musk says

SpaceX has closed US$40 billion (C$56 billion) in debt to purchase graphics processing units (GPUs), according to Elon Musk, following the company’s third-quarter financial results and rapid expansion of its artificial intelligence business.

According to Musk’s comments on X on Sunday, the company was able to secure the financing despite increasingly difficult conditions in debt markets.

Musk also claimed debt markets have largely stopped providing funding to companies without substantial revenue outside artificial intelligence data centres, warning that many of the more than 200 neoclouds, or AI cloud providers, could face consolidation.

The announcement follows an earlier report that SpaceX was negotiating with banks and asset managers to raise US$40 billion for AI chips (via Reuters).

However, it remains unclear exactly what Musk meant by the financing being closed, including whether investors have agreed to pricing terms for the debt.

In a separate post, Musk clarified that the financing primarily involves callable debt for GPU purchases expected to arrive during the first and second quarters, without specifying a year.

He also said the purchases would not be a major factor in the current quarter, when SpaceX expects capital expenditures of US$35 billion to US$40 billion (C$49 billion to C$56 billion).

@SawyerMerritt This is primarily callable debt for GPU purchases that will arrive in Q1 and Q2. Not a major factor this quarter.
— Elon Musk (@elonmusk) October 25, 2026

The financing comes as SpaceX continues spending heavily on AI infrastructure, with third-quarter capital expenditures reaching US$19.6 billion (C$27.4 billion), including US$16.4 billion (C$23 billion) dedicated to AI infrastructure.

SpaceX reported quarterly revenue of US$14.58 billion (C$20.4 billion), an increase of 161% year-over-year, while AI revenue rose nearly tenfold to US$7.56 billion (C$10.6 billion).

Meanwhile, Musk also dismissed speculation that SpaceX was looking to acquire neoclouds, writing, “SpaceX is not buying any neoclouds. Pointless.”

@jiahanjimliu @GillesCapital @liamdaltonjr SpaceX is not buying any neoclouds. Pointless.
— Elon Musk (@elonmusk) October 25, 2026

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