SpaceX is in talks to raise $40 billion for Nvidia chips, Reuters reports

What would $40 billion mean for SpaceX’s debt?

SpaceX reported $38.433 billion in aggregate debt principal outstanding on June 30, 2026. The proposed financing amount is greater than that disclosed balance, though the filing gives a snapshot from June, not the company’s current debt total. It also does not specify terms or repayment plans for the reported proposal.

The same filing reported that SpaceX’s June IPO produced $85.675 billion in net proceeds after commissions and offering costs. For the quarter ended June 30, the company reported $7.8 billion in revenue and a $541 million net loss. Those figures provide financial context; they do not establish how much cash was available later in the year or why the company might choose borrowing for a chip purchase.

SpaceX’s second-quarter release also reported $14.1 billion in contracted sales from cloud-services agreements and included AI infrastructure revenue in its explanation of revenue growth. These company-reported figures do not establish that chips have been ordered or how much capacity would serve SpaceX versus its customers.

How do the plans compare with other companies’ spending?

Amazon expected $220 billion in capital expenditures in 2026, according to the Associated Press’ account of its earnings update. Microsoft expected roughly $190 billion, including about $25 billion it attributed to higher component prices. Meta forecast $130 billion to $145 billion, a figure that includes principal payments on finance leases.

Those are annual company-wide spending outlooks, not budgets solely for AI chips or borrowing plans for a single purchase. Microsoft said its spending expectations reflected demand signals and product usage, and that it remained confident in returns on the investments. That is the company’s assessment, not independent confirmation of future returns.

Semafor’s analysis of SpaceX’s financing position characterized the company as having less financial flexibility than Alphabet and Meta. That is Semafor’s analysis, not a company disclosure or a conclusion established by the reported financing terms.

What is still unknown about the chip financing?

The reporting connects a proposed borrowing package to a specific Nvidia chip purchase, but does not establish that SpaceX has issued debt or bought the chips. The proposed mix of loans and investment-grade debt could change, and the reports do not establish the interest costs, maturity dates, covenants, collateral, chip quantities or delivery schedule.

Nor does one reported proposal establish a recurring reliance on debt to buy computing capacity. The terms of any completed financing, what chips it would cover and how the resulting capacity would be used would show more about the plan’s cost and purpose.