Goldman Sachs and Apollo shop a $40 billion SpaceX AI chip financing deal

The banks are reportedly asking some investors to take stakes of up to $500 million before formal syndication even begins Goldman Sachs and Apollo Global Management are out with a sales pitch. The product is roughly $40 billion of financing tied to AI chips for SpaceX. Bloomberg News reported on Wednesday that the two firms have started approaching potential buyers for the multi-tranche package. Some investors are being asked to commit up to $500 million each, and the formal syndication process hasn’t even started yet. How the deal is built Think of it less like a loan and more like a very expensive car lease. Instead of SpaceX buying the hardware outright, an Apollo-managed entity would purchase the GPUs and server equipment and lease them to SpaceX. That structure is designed to keep the obligations off SpaceX’s balance sheet. The company gets the compute without its books showing a $40 billion debt pile. The financing is split into multiple tranches. Each slice carries a different level of risk and return, so different types of investors can pick the layer that suits them. Bloomberg, citing people familiar with the matter, reported that the early outreach involves stakes of up t...