On October 7, 2026, five-year credit default swaps for SpaceX reached a record 197 basis points. This increase follows reports that the company is negotiating a $40 billion fundraising round intended for the purchase of Nvidia AI chips.
The proposed financing structure reportedly includes $10 billion in bank loans and $30 billion in investment-grade debt, with Apollo Global Management expected to lead the deal. The transaction is not anticipated to close before 2027.
SpaceX bonds due in 2056 saw their spread widen by 12 basis points to 238 basis points over the benchmark. At the time of issuance, these notes were priced at a spread of 175 basis points.
If finalized, the new debt would roughly double the company's existing debt load of $38.4 billion. Nvidia currently holds approximately 123 million shares of SpaceX, a stake valued at $21 billion as of June 2026.
Following the news, SpaceX shares declined by 1% to 2%, while Nvidia stock remained stable. The company previously completed an IPO and a $25 billion bond issuance in June 2026.
