U.S. SpaceX seeks to buy 53 trillion won worth of NVIDIA AI chips

[Financial News] A claim has emerged that U.S. space company SpaceX, which has an AI company as a subsidiary, plans to spend $40 billion (about 53 trillion won) on AI semiconductors from U.S.-based NVIDIA Corporation. The move is believed to be aimed at securing infrastructure amid increasingly fierce competition in AI.
The UK’s Financial Times (FT) reported on the 6th (local time), citing sources, that SpaceX, led by CEO Elon Musk, is seeking to raise funds in collaboration with U.S. private equity firm Apollo Global Management. SpaceX is reportedly planning to borrow $10 billion from banks first and raise a total of $40 billion using $30 billion worth of investment-grade corporate bonds. A source said Apollo Global Management is expected to lead the bond issuance, and that some investors, including PIMCO, a U.S. bond investment firm, are discussing buying the bonds. The transaction is expected to close in 2027. FT noted that because SpaceX’s bonds are rated BBB, the second-lowest rating among investment-grade ratings, they can also be purchased by insurers and pension fund managers who assess the risks of investment products.
FT predicted that the deal would further strengthen collaboration between SpaceX and NVIDIA. Musk, who had used AI semiconductors from both NVIDIA and AMD, said at an earnings presentation on August 4, “We have decided to build an exclusive relationship with NVIDIA going forward.” He then mentioned NVIDIA’s latest AI semiconductor platform, the Vera Rubin series, and said, “Because the Vera Rubin architecture is the best architecture.” Musk said, “We value partnerships and close collaboration with NVIDIA at various levels.” Shares of NVIDIA, which is listed on the U.S. Nasdaq, rose for a second consecutive day on the 6th, setting a new all-time high.
FT also noted that SpaceX could face difficulties raising funds. SpaceX sold $25 billion worth of corporate bonds less than two weeks after its $86 billion IPO in June. FT said the price of SpaceX’s bonds had plunged in the market since their issuance, citing the company’s massive debt and capital spending as problems. SpaceX bonds maturing in 2056 are currently trading at 85 cents per dollar of face value in the bond market, while their yield is 2.27 percentage points above that of U.S. Treasuries, putting them at a level comparable to junk bonds.
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