Nvidia reaches record $5.65 trillion as SpaceX seeks chip financing

Nvidia reached a new all-time high market capitalization of $5.65 trillion, surpassing its previous record from May as investors continue to price in heavy spending on AI infrastructure. The company remains the dominant supplier of AI processors, with its chips becoming a central component of data centers built to support the sector’s expansion.

SpaceX is reportedly seeking to raise $40 billion, led by Apollo Global Management, largely to buy Nvidia AI chips. The plan includes about $10 billion in bank loans and another $30 billion in investment-grade debt, with the transaction expected to close in 2027. Pimco is among a small group of lenders reportedly in talks to provide financing.

The financing push follows SpaceX’s record $86 billion IPO in June and comes as Elon Musk expands his AI ambitions. Musk said last month that xAI’s Colossus 2 data center could more than double its Nvidia chip count by December, while SpaceX has said it plans to use Nvidia hardware exclusively for its data centers.

Morgan Stanley estimates AI infrastructure will require $1.5 trillion in external financing by 2028. Nvidia has also moved into financing, partnering in August with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR on platforms intended to mobilize more than $500 billion in third-party capital.