Goldman and Apollo seek investors for SpaceX chip financing

Goldman Sachs and Apollo Global Management are discussing investor purchases of portions of a roughly $40 billion financing for SpaceX’s AI chips, according to Bloomberg News. The amount represents principal payments under a multi-tranche arrangement, rather than a fresh equity raise. Goldman led the loan portion, Apollo was the key bond investor, and Pimco also participated.

An Apollo affiliate would buy Nvidia Rubin chips and server hardware and lease them to SpaceX for a little over five years from delivery. Equipment is expected in the first half of 2027, with the financing expected to close before the end of 2026. The structure is designed to keep debt off SpaceX’s balance sheet, although its final accounting treatment remains unspecified.

The package includes an $8.3 billion senior-secured loan intended for syndication to banks and a $7 billion lease prepayment. Together, the financing and prepayment are intended to fund approximately $47.3 billion of GPU equipment. The remaining components have not been itemized publicly.

No completed placement with specific buyers has been confirmed. Some investors were reportedly asked to purchase stakes of up to $500 million before formal syndication, but those requests remain unconfirmed. The fixed rate had not been determined when SpaceX described the transaction, leaving financing costs unresolved alongside delivery and hardware-obsolescence risks.