SpaceX is lining up roughly $40bn in loans and bonds to buy Nvidia chips. Banks are marketing a record $60bn package backing Anthropic's lease of Google's AI chips through Broadcom. Wall Street is financing the AI buildout with debt, not cash.
Elon Musk’s SpaceX is lining up an Apollo-led mix of bank loans and investment-grade bonds that would treat Nvidia accelerators more like industrial plant than ordinary IT spend. Source
The semiconductor industry just showed its hand on how it plans to pay for the AI buildout: debt secured against hardware, not equity, not hyperscaler cash. SpaceX is negotiating roughly $40bn to buy Nvidia chips, split between $10bn in bank loans and $30bn in investment-grade (IG) bonds, with Apollo Global Management leading and Pimco in early talks. Days later, banks began marketing a record $60bn package backing Anthropic's lease of Google's Tensor Processing Units (TPUs) through Broadcom, split into a $42bn Broadcom-guaranteed senior tranche and an $18bn junior piece Blackstone is anchoring with about $9bn.
