Space Exploration Technologies Corp. (SPCX) is seeking approximately $40 billion in debt financing to fund a major Nvidia chip purchase planned for 2026, according to recent reports. The proposed package could include $10 billion in bank loans and $30 billion in investment-grade bonds as the company accelerates its infrastructure spending. The scale of the proposed raise reflects a broader industry pattern in which large-scale AI infrastructure buildouts are increasingly financed through debt rather than cash on hand. SpaceX is simultaneously targeting two gigawatts of AI compute capacity by the end of the year, while its Starlink unit has won approval to launch 15,000 additional satellites to expand mobile coverage. SPCX stock closed at $167.60, down 2.51%, before edging 0.20% higher in after-hours trading.

A $40 Billion Financing Push for AI Compute

Reports indicate SpaceX may raise $10 billion through bank loans and $30 billion through investment-grade debt. The financing would fund a large Nvidia chip purchase for the company's terrestrial data centers as well as its planned orbital compute projects. Apollo Global is reportedly leading the financing, whileIMCO has shown interest in the debt. Investment-grade bonds are normally associated with issuers that have strong, established credit profiles, and participation from asset managers of this size would place the package within the wider wave of private-credit and bond financing that has funded data-center construction across the technology sector.

If completed, the package would substantially expand SpaceX's borrowing as management pushes the company deeper into large-scale compute infrastructure. SpaceX plans to use Nvidia architecture across its data centers and its planned orbital computing systems, supporting both current operations and longer-term projects.

Compute Capacity Targets and Recurring Revenue

The company aims to reach two gigawatts of compute capacity by the end of the year, up from about 1.4 gigawatts reported at the end of the second quarter. Gigawatt-scale capacity has become the benchmark for AI data-center operations, where access to power and chips shapes how quickly providers can bring new hosting capacity online. The buildout adds another growth business alongside rocket launches and Starlink services, and management has tied recent growth to hosted computing demand and long-term service contracts.

SpaceX has increased its focus on data centers as new hosting agreements add recurring revenue. The company refers to its Memphis, Tennessee, facilities as Colossus 1 and Colossus 2, which now support a larger commercial compute business. Company leadership expects these operations to contribute more annual recurring revenue.

SpaceX recently secured another hosting agreement expected to begin generating revenue in December. Management said the deal could add about $1.11 billion in monthly revenue once operations commence, equal to roughly $13 billion in annual recurring revenue at the stated run rate. The company now targets about $100 billion in annual recurring revenue across its operations.

Recurring revenue of that kind is typically weighed heavily by lenders, since predictable cash flows provide the basis for servicing large borrowings. Starlink's cash generation and contracted compute demand could help SpaceX support the heavier debt load. Even so, the financing would represent a major increase in the company's balance-sheet commitments as it scales its infrastructure buildout.

Starlink Approval Expands Mobile Ambitions

Separately, SpaceX received approval to launch 15,000 additional satellites for its Starlink Mobile network. The satellites will support direct-to-cell connections and broader mobile coverage from low Earth orbit. Regulators also approved spectrum use tied to planned EchoStar assets and certain T-Mobile frequencies.

The new satellites may operate as low as 326 kilometers above Earth to reduce network latency. SpaceX expects the system to support faster direct mobile connections without traditional ground infrastructure. The approval strengthens SpaceX's position against established wireless carriers in satellite-based connectivity markets.

SpaceX has proposed much larger satellite systems beyond the latest Starlink expansion. Those plans include up to 100,000 Starlink Gen3 satellites and one million Starmind satellites. Together, the projects connect SpaceX's satellite network, compute capacity, and infrastructure spending into a single growth strategy spanning orbital systems and ground-based data centers. How quickly the newly approved satellites reach orbit, and whether the $40 billion financing closes on the reported terms, will be key markers to watch as that strategy moves forward.