SpaceX closed a $40 billion debt financing for AI GPUs, raising its Q4 capex to $35–40 billion.
Revenue for the quarter surged 161 % YoY to $14.58 billion, with AI‑related sales leaping 10‑fold to $7.56 billion, according to CFO Bret Johnsen.
Analysts had forecast a $38 billion debt raise; the actual figure, close to the upper end of their $35–40 billion range, signals confidence in SpaceX’s revenue streams.
The move underscores the growing capital intensity of AI infrastructure, as neocloud firms face consolidation pressure and investors tighten credit for debt‑heavy buildouts.
SpaceX plans to deploy the new GPUs in Q1 and Q2, with the first Terafab test chip slated for May–June 2025, positioning the company to monetize AI workloads faster.
Market watchers note that the debt deal, coupled with a projected 2026 guidance of $20–25 billion revenue, could drive a valuation swing toward the upper $100 billion range.