Goldman, Apollo in Talks to Sell SpaceX’s $40 Billion AI Chip Financing
Goldman Sachs and Apollo Global Management are reportedly selling portions of SpaceX’s $40 billion financing for AI chips to institutional investors, with stakes of up to $500 million offered before formal syndication, according to Bloomberg and Reuters reports on November 5, 2026.
Goldman Sachs and Apollo Global Management are reportedly selling portions of SpaceX’s $40 billion financing for AI chips to institutional investors, with stakes of up to $500 million offered before formal syndication, according to Bloomberg and Reuters reports on November 5, 2026.
Key numbers
| Stat | Figure | Date | Source |
|---|---|---|---|
| $40 billion | Financing for AI chips | October 26, 2026 | SpaceX disclosure |
| $500 million | Maximum stake offered to investors | November 5, 2026 | Bloomberg, Reuters |
| $8.3 billion | Senior secured loan led by Goldman | November 5, 2026 | 24/7 Wall St. |
| $7 billion | Lease prepayment | November 5, 2026 | 24/7 Wall St. |
| $47.3 billion | Total funding for Rubin hardware | November 5, 2026 | 24/7 Wall St. |
| $135.92 | SpaceX stock close (per share) | November 5, 2026 | 24/7 Wall St. |
| $1.79 trillion | SpaceX market value | November 5, 2026 | 24/7 Wall St. |
| $134.01 | SpaceX stock after-hours | November 5, 2026 | 24/7 Wall St. |
| $48.069 billion | Purchases of property, plant, and equipment (Q3 2026) | November 5, 2026 | 24/7 Wall St. |
| $35 billion–$40 billion | Capital spending in Q4 2026 | November 5, 2026 | 24/7 Wall St. |
| $7.6 billion | AI segment revenue (Q3 2026) | November 5, 2026 | 24/7 Wall St. |
| $14.6 billion | Total revenue (Q3 2026) | November 5, 2026 | 24/7 Wall St. |
| $200.13 | NVIDIA stock close (per share) | November 5, 2026 | 24/7 Wall St. |
| $89.023 billion | NVIDIA Data Center revenue (latest quarter) | November 5, 2026 | 24/7 Wall St. |
What happened
Goldman Sachs and Apollo Global Management are in advanced talks to sell portions of SpaceX’s $40 billion financing for AI chips to institutional investors, with stakes of up to $500 million offered before the formal syndication process begins.
The deal, announced on October 26, 2026, involves an Apollo-managed entity purchasing NVIDIA Vera Rubin AI chips and related equipment, with a binding commitment for an approximately $40 billion master finance lease. The financing structure includes an $8.3 billion senior secured loan led by Goldman, bond tranches for asset managers, and a $7 billion lease prepayment, totaling about $47.3 billion to fund hardware deliveries in the first half of 2027. The arrangement is designed to keep the debt off SpaceX’s balance sheet, but the company remains obligated to pay rent regardless of equipment performance or obsolescence.Who is affected
Institutional investors, including asset managers and banks, are being approached to take on portions of the financing risk, while SpaceX and NVIDIA benefit from the deal’s structure.
Investors buying stakes in the financing assume the risk of AI chip obsolescence, as SpaceX does not guarantee residual value for the leased hardware. NVIDIA, however, remains insulated from this risk, as it will be paid for the chips regardless of who holds the lease. SpaceX’s AI segment, which generated $7.6 billion of its $14.6 billion in third-quarter revenue, is the primary beneficiary of the financing, though the company’s stock has declined 7.5% since the lease announcement.The $40 billion financing is the largest recorded deal of its kind for graphics processing units (GPUs), with stakes of up to $500 million offered to investors before formal syndication.
SpaceX’s capital spending in the first nine months of 2026 reached $48.069 billion, up from $13.846 billion in the same period of 2025, reflecting its aggressive push into AI infrastructure. The company expects $35 billion to $40 billion in capital spending for the fourth quarter alone, with the lease converting part of that bill into fixed rent payments.What to do next
Investors considering participation in the financing should monitor whether the deal closes before December 31, 2026, and whether SpaceX’s next earnings report shows continued AI revenue growth without price cuts.
The market remains skeptical about SpaceX’s ability to justify the high spending with AI infrastructure, particularly given the volatility in spot computing power prices. Analysts will closely watch whether the lease closes on time and whether SpaceX’s AI revenue trends remain positive, as these factors will determine the long-term viability of the financing structure.What we know and don’t know
We know the financing structure includes an $8.3 billion senior secured loan, bond tranches, and a $7 billion lease prepayment, totaling $47.3 billion to fund hardware deliveries in the first half of 2027.
However, we do not yet know the final terms of the syndication process or which specific investors will participate. Additionally, the risk of AI chip obsolescence remains unquantified, as SpaceX has not provided a residual value guarantee for the leased equipment. The impact of potential regulatory restrictions on data center expansion, particularly in states like Texas, is also unclear.Timeline
- October 26, 2026: SpaceX discloses a binding commitment for an approximately $40 billion master finance lease with an Apollo-managed entity for NVIDIA Vera Rubin chips and related equipment.
- November 4, 2026: Reports emerge that Goldman Sachs and Apollo Global Management are in talks to sell portions of the financing to institutional investors, with stakes of up to $500 million offered before formal syndication.
- November 5, 2026: SpaceX’s stock closes at $135.92, down 3.81%, and trades at $134.01 after hours, reflecting investor skepticism about the financing and AI revenue growth.
- Before December 31, 2026: The lease is expected to close, pending meeting closing conditions.
Why it matters
The financing deal underscores SpaceX’s aggressive push into AI infrastructure, which could position it as a dominant player in global data processing but also exposes it to significant financial risk.
The structure of the deal—off-balance-sheet financing with no residual value guarantee—transfers much of the risk to investors, who must now contend with the potential for AI chip obsolescence. For SpaceX, the lease converts a portion of its capital spending into fixed rent payments, which could strain its cash flow if AI revenue growth does not meet expectations. Meanwhile, NVIDIA benefits from the deal without assuming the residual risk, highlighting a divergence in exposure between the two companies.- Monitor whether the $40 billion lease closes before December 31, 2026, as this will determine the immediate financial impact on SpaceX.
- Watch SpaceX’s next earnings report for signs of continued AI revenue growth, as this will validate the company’s payback claims for the financing.
- Assess the performance of spot computing power prices, as these will influence the profitability of SpaceX’s AI infrastructure investments.
- Evaluate the potential impact of regulatory restrictions on data center expansion, particularly in states like Texas, which could slow down SpaceX’s growth plans.
- Consider the risk of AI chip obsolescence for investors participating in the financing, as SpaceX has not guaranteed residual value for the leased hardware.
Frequently asked questions
Why is SpaceX selling portions of its AI chip financing?
SpaceX is selling portions of its $40 billion AI chip financing to institutional investors to distribute the risk associated with the lease, particularly the potential for AI chip obsolescence. By offloading portions of the financing, SpaceX can reduce its exposure to the residual value risk of the leased hardware.
Who are the primary buyers in this deal?
The primary buyers in this deal are institutional investors, including asset managers and banks, who are being approached to take stakes of up to $500 million before the formal syndication process begins. Goldman Sachs and Apollo Global Management are leading the effort to syndicate the financing.
What is the expected closing date for the lease?
The lease is expected to close before the end of 2026, pending the completion of closing conditions. Investors should monitor this timeline closely, as it will determine the immediate financial impact on SpaceX.
How does this financing affect SpaceX’s balance sheet?
The financing is structured to keep the debt off SpaceX’s balance sheet, meaning it will not appear as liabilities on the company’s financial statements. However, SpaceX remains obligated to pay rent on the leased equipment regardless of its performance or obsolescence.
What risks do investors face in this deal?
Investors face the risk of AI chip obsolescence, as SpaceX has not provided a residual value guarantee for the leased hardware. If newer, more advanced chips render the leased equipment obsolete, the value of the financing could decline, impacting the returns for investors.
How will this deal impact SpaceX’s stock price?
The deal has already led to a decline in SpaceX’s stock price, which closed at $135.92 on November 5, 2026, down 3.81% from previous levels. Investors remain skeptical about the company’s ability to justify the high spending with AI infrastructure, particularly given the volatility in spot computing power prices.
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Sources
- Goldman and Apollo seek buyers for stakes in $40 billion SpaceX deal — Channel NewsAsia — ua.news, 2026-11-05
- SpaceX's $40 Billion AI Chip Financing Push Draws Fire From Rivals and Scrutiny From Wall Street — ad-hoc-news.de, 2026-10-08
- Goldman, Apollo seek buyers for $40 billion SpaceX AI chip deal — economictimes.indiatimes.com, 2026-11-05
- abc.az — abc.az