Goldman Sachs and Apollo have begun pitching SpaceX’s $40 billion AI chip financing to Wall Street investors.

According to Bloomberg, Goldman Sachs and Apollo have begun pitching a roughly $40 billion AI chip financing package for SpaceX to Wall Street investors, with some participants invited to pre-subscribe for up to $500 million in allocations; formal syndication is expected to launch soon. Unveiled in October this year, the deal is the largest GPU financing arrangement to date. Its structure is as follows: an Apollo-backed entity will purchase roughly $47.3 billion worth of NVIDIA GPUs and related equipment, primarily including next-generation Rubin chips. Around $40 billion of the purchase will be funded via debt, while another $7 billion will come from SpaceX’s prepaid lease payments. SpaceX will lease the chips over a roughly 5-year term, using this structure to keep the associated financing debt off its balance sheet to preserve its credit rating. The debt financing includes an $8.3 billion senior secured loan, plus multiple tranches of bonds offered to institutional investors. The NVIDIA chips are expected to be delivered in the first half of 2027. Notably, SpaceX’s lease payment obligations are unconditional: it must continue making rent payments even if the equipment is damaged or major events disrupt operations. Additionally, SpaceX does not guarantee the residual value of the chips at the end of the lease term.