SpaceX has raised $40 billion in debt to buy GPUs, with Elon Musk warning of a neocloud shakeout, first reported by Coindesk. The financing highlights the gap between companies with revenue outside AI data centers and providers that rely on them as lenders become more selective about access to debt.
The $40 billion deal is mainly callable debt, meaning SpaceX can repay it early. The money could be used to pay for GPU deliveries expected in the first half of 2027, though Musk did not explicitly say so.
Musk said SpaceX could borrow because it has a strong credit rating and steady revenue from Starlink internet service and rocket launches. Those businesses do not depend on AI data centers, making chip financing easier for SpaceX than for companies that rely almost entirely on data-center revenue.
Neoclouds are newer companies that rent out AI computing power. Musk said debt markets had almost entirely shut off access to money for companies without substantial revenue independent of AI data centers, and predicted more than 200 neoclouds would consolidate, leaving only a few survivors.
The financing highlights a divide: SpaceX has non-AI revenue and a strong credit rating, while firms centered on AI data centers face a tougher borrowing environment. Financial markets have also grown increasingly concerned about the payoff from massive AI spending, pressuring AI-linked stocks and the broader market.
Palihapitiya had earlier said many neoclouds appear poorly funded and badly run. He argued that Amazon, Microsoft and Google were moving slowly on deals and preferred to keep computing power for their own use. Delays in building data centers, he said, could leave many chips and half-finished projects idle or unable to earn enough to cover financing costs in 2027.