SPCX Stock Slips After-Hours As SpaceX Reportedly Seeks $40B For Nvidia Chips

• The company is reportedly looking for about $10 billion in bank loans and $30 billion in investment-grade debt. 
• On SpaceX’s August earnings call, CEO Elon Musk said the company had “decided to build exclusively on Nvidia” for its AI initiatives.
• CFO Bret Johnsen previously hinted at full-year capital spending near $65 billion for SpaceX.

SpaceX shares fell 1% in after-hours trading on Tuesday after reports that the company is seeking $40 billion in financing to buy Nvidia chips, a fresh sign of how much capital the AI buildout is consuming.

The rocket manufacturing company’s financing effort is expected to be led by Apollo Global Management, the Financial Times reported, citing people familiar with the matter. The company is looking for about $10 billion in bank loans and $30 billion in investment-grade debt.

Pimco was among a small group of lenders in talks to fund the deal, the report said, adding that the transaction is expected to close in 2027. SpaceX and Nvidia did not confirm the report, the newspaper said.

SpaceX’s Nvidia Bet

The borrowing would tighten a tie Musk has already made public. On SpaceX’s August earnings call, he said the company had “decided to build exclusively on Nvidia” for its AI initiatives because he considered the Vera Rubin platform the best AI architecture, and that SpaceX valued the partnership.

For Nvidia, a committed buyer of that size helps amid rising competition from rival chipmakers.

SpaceX’s Spending Is Already Mostly AI

SpaceX’s AI effort is now the bulk of the company, not a side project. After folding xAI into the group in February, it has been building the Colossus data-center clusters and renting that capacity to outside customers while also training its own Grok models.

The company’s capital expenditures were $18.4 billion in the second quarter, and $15.8 billion of that went to AI infrastructure, about 86% of the total, against roughly $1.4 billion for Starlink and $1.2 billion for the space business. First-half spending was about $28.5 billion, while operations generated only about $3.5 billion of cash.

CFO Bret Johnsen told analysts on the August 4 earnings call that the next two quarters should look “very similar,” which would put full-year capital spending near $65 billion if that pace holds. He said new compute capital is paying back in less than a year, and the company is aiming for a $100 billion annualized revenue run rate by year-end.

How Did SPCX Retail Traders React?

On Stocktwits, retail sentiment around SPCX fell from ‘extremely bullish’ to ‘bullish’ territory over the past 24 hours, while message volume stayed at ‘high’ levels.

A Stocktwits user framed the financing report as bearish for SpaceX and bullish for Nvidia.

A more bullish user said that the company is borrowing to scale the infrastructure for future revenue.

SPCX stock is currently trading around $172, above its IPO price of $135 but below its all-time high near $226.

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