SpaceX reportedly seeks $40 billion in Apollo-led financing for Nvidia chips

SpaceX is reportedly looking to raise $40 billion through a financing package led by Apollo Global Management, with the money earmarked for Nvidia chips. The claim surfaced in a post on X.

No public reports have yet confirmed a new round of that size, structure or purpose.

What is reported, and what is already on the books

The post on X describes a $40 billion raise routed through Apollo, aimed at buying Nvidia hardware. Beyond that single line, the reported deal carries no confirmed terms, timeline or lender roster.

What is documented is SpaceX’s appetite for Nvidia gear. On its first earnings call after its June 2026 Nasdaq IPO, held in August 2026, the company committed exclusively to Nvidia hardware. That includes Nvidia’s Vera Rubin architecture.

The numbers bear that out. SpaceX’s AI-related non-cancelable commitments stood at $28 billion by June 2026, with much of that coming due in 2027. In the second quarter of 2026 alone, SpaceX spent $15.8 billion in capex on compute infrastructure.

Apollo’s track record with this machine

Apollo would not be a newcomer here. The firm has already financed Nvidia GPU clusters leased to xAI, the AI venture that is now part of SpaceX.

Those deals included a $3.5 billion financing in early 2026 and a $3.4 billion deal shortly after. Both ran through Valor Equity Partners.

Nvidia itself is deeply tied in. The chipmaker held a stake in SpaceX worth about $21 billion as of June 2026, made up of 122.8 million shares. Nvidia is also working with Apollo to assemble consortia focused on financing AI infrastructure, efforts that could reach into the hundreds of billions of dollars.

Why SpaceX keeps buying

The spending is not purely for internal use. SpaceX is renting out compute it does not need to outside customers, and those deals are getting large.

Third-party compute leases could potentially generate roughly $40 billion or more in annual recurring revenue. Leases added with Anthropic alone are valued at around $1.25 billion per month.

Market attention has drifted toward SpaceX’s expected AI revenue growth rather than any large new debt or equity raise.

What this means

If a $40 billion Apollo-led package does materialize, it would extend a pattern already visible in the earlier $3.5 billion and $3.4 billion financings. Each prior deal was a fraction of the reported figure, so a raise of this size would mark a sharp step up in scale.

For SpaceX shareholders, the central question is the gap between commitments and revenue. The company has $28 billion in non-cancelable obligations, a big chunk maturing in 2027, and it posted $15.8 billion in quarterly compute capex.

The lease business is the counterweight. Deals like the Anthropic arrangement suggest SpaceX can recover a meaningful share of its chip spending by renting capacity. The risk is concentration: a handful of large tenants carrying the revenue load means any change in their demand would hit hard.

For Nvidia, the arrangement looks close to ideal. The company sells the chips, holds equity in the buyer, and helps organize the financing that funds the purchases.

For Apollo and private credit more broadly, the proposed consortia with Nvidia, potentially worth hundreds of billions, point to how large that role could get.

A confirmed filing, lender statement or company disclosure would settle whether the $40 billion figure is real. Until then, SpaceX’s existing commitments and lease deals offer the clearest view of where its AI spending is headed.