SpaceX (SPCX) raised $86 billion in its IPO and another $25 billion through debt, and reportedly approached Apollo Global Management and several banks to finance $40 billion in Nvidia GPUs for its AI build-out. The company generated $12.5 billion of revenue in the first six months of 2026 while capital expenditures rose to $28.5 billion, mostly tied to AI infrastructure after it acquired Musk's xAI; it ended the second quarter with 1.4 gigawatts of compute and Musk expects over 2 gigawatts by year-end, with capacity possibly closer to 10 gigawatts than 5 gigawatts in 2027. Nvidia estimates deployment costs of about $60 billion per gigawatt, so going from 2 to 10 gigawatts could cost around $480 billion in data center capex, and Morgan Stanley analyst Adam Jonas estimated SpaceX would need an average of $84 billion a year in external capital through 2034, or $672 billion in total. The article argues that SpaceX's premium pricing, which Musk put at $30 to $50 per watt annualized, could decline, and that contracts allowing either party to cancel with 90 days' notice make demand a key risk. If debt markets fall short, new equity issues could dilute existing shares.
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