AI · 26 October 2026 · 4 min read
Musk says SpaceX has closed $40 billion of debt for chips. Bloomberg’s sources say the price is still being argued
On 25 October Musk wrote that the debt deal for graphics processors was done. People familiar with the talks told Bloomberg that pricing discussions had not finished. A closed deal has a price, a lender and a document. This one, so far, has a post.
Elon Musk wrote on 25 October that SpaceX had closed $40 billion of debt for graphics processors. Bloomberg reported the post, and then reported the other half. People familiar with the discussions told the wire that talks over the price were still going on. A borrower and a lender can both be in a room and still not have a deal. Until one of them publishes a price, a maturity and a name, “closed” is a verb in a post.
The figure is not new. Earlier reporting, which this site has already filed, described a package of about $10 billion in bank loans and $30 billion of investment-grade debt, with Apollo and PIMCO among those looking, and nothing signed. What changed on Sunday is that Musk said the signing had happened, and that Bloomberg’s sources said it had not. He also wrote that debt markets were effectively shut to “neoclouds” that depend only on revenue from AI data centres, and that most of the 200 or so such firms would not survive. That is a prediction. It is not a term sheet.
A revenue line is a different document
SpaceX’s third-quarter figures, reported last week rather than this morning, put revenue at $14.6 billion, of which the Super Intelligence segment was $7.56 billion. That is a reported sales line, mostly from renting computing, and it is not evidence that a $40 billion loan has funded. A company can have the revenue and still be arguing the coupon. The argument, on Bloomberg’s account, is where this stands.