Goldman Sachs and Apollo Launch $40 Billion Fundraising for SpaceX's NVIDIA Chip Financing
nashnova research
Goldman Sachs and Apollo have begun seeking investor commitments for a $40 billion financing deal to fund SpaceX's lease of NVIDIA Vera Rubin systems. The structure turns chips into off-balance-sheet yield-bearing assets, but midterm election results and scrutiny of AI spending returns are pressing the closing window.
What does this deal look like?
Goldman and Apollo are raising $40 billion to fund SpaceX's access to NVIDIA chips through a lease arrangement.
The two firms are seeking individual commitments of up to $500 million before launching broader syndication.
The debt splits into two tranches: an $8.3 billion senior secured loan led by Goldman, and bonds led by Apollo.
How does the off-balance-sheet structure work?
An Apollo-backed SPV — a special-purpose vehicle set up solely for this transaction — buys NVIDIA chips and issues debt. SpaceX then leases the chips from the SPV for five years.
The agreement contains no value-guarantee provisions; SpaceX owes the full lease payments regardless.
This means → the chips stay off SpaceX's balance sheet, but the rental obligation is rigid. The risk has not disappeared — it has been repackaged.
The target hardware is NVIDIA's Vera Rubin systems, with deliveries starting in H1 2027.
Why the rush after the election?
The two firms reportedly want to close the deal quickly after Democrats won this week's midterm elections.
Some market participants worry the result could slow AI development — Democratic candidates have favored stricter oversight of data-center construction.
SpaceX has data-center projects under way in Mississippi, Arizona, and Texas, placing it directly in the path of potential regulatory tightening.
What does this mean for the AI infrastructure race?
Markets are scrutinizing returns on large-scale AI infrastructure spending more closely.
SpaceX returned to operating profitability last quarter on AI expansion, but its post-IPO valuation still needs sustained earnings to justify.
This means → the AI infrastructure arms race is now a contest of financial firepower. Access to Wall Street capital is becoming the decisive dividing line between front-runners and the rest.
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