SpaceX Stock Drops After Hours as Elon Musk-led Company Seeks $40 Billion to Buy Nvidia Chips Radhika Anilkumar Nadig Tue, October 6, 2026 at 9:49 PM EDT 2 min read APO +0.52% NVDA +0.14% SPCX +0.49% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Space Exploration Technologies Corp. (NASDAQ:SPCX) is reportedly planning to raise $40 billion in bank loans and investment-grade debt, led by Apollo Global Management (NYSE:APO) , to buy Nvidia Corp. (NASDAQ:NVDA) chips.
The Elon Musk-led company is looking to raise about $10 billion in bank loans and $30 billion in investment-grade debt for the chip order, Reuters News reported, citing the Financial Times.
Apollo is expected to lead the deal and help place the debt with a broad range of investors, with Pimco among a small group of lenders in talks to provide financing, the newspaper reported citing people familiar with the matter.
SpaceX, Apollo, and Nvidia did not immediately respond to Benzinga's request for comment, while Pimco declined to comment.
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Apollo is one of six firms Nvidia partnered with in August, alongside BlackRock Inc., Blackstone Inc., Brookfield Asset Management, Goldman Sachs and KKR & Co. Inc., on financing platforms meant to mobilize more than $500 billion for AI infrastructure.
Big Tech is leaning more on debt to fund the AI buildout. Amazon.com Inc., Microsoft Corp., Alphabet Inc., Meta Platforms Inc., and Oracle Corp. issued about $200 billion of investment-grade debt in the first half of 2026, nearly double their issuance in all of 2025, according to iShares.
AI spending across the hyperscaler ecosystem could rise from roughly $700 billion this year to $1 trillion in 2027, according to JPMorgan Chase.
Earlier this year, Musk said the company will use Nvidia hardware exclusively to build its data centers.
He said last month that the Colossus 2 data center could more than double its Nvidia chips by December.
Price Action: On Tuesday, SpaceX closed 0.49% lower at $171.92 and fell 1.15% at $169.94 in extended trading, according to Benzinga Pro.
Benzinga Edge rankings indicate SpaceX's stock has a positive price trend across the short, medium, and long term.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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This article SpaceX Stock Drops After Hours as Elon Musk-led Company Seeks $40 Billion to Buy Nvidia Chips originally appeared on Benzinga.com
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