From Record IPO To Record Chip-Collateralized Loan In 16 Weeks: SpaceX Taps Apollo For $40 Billion In SPV Debt

Remember when SpaceX was so flush with cash that it didn't really need an IPO?

Back in December, Elon Musk brushed off IPO valuation chatter by saying the company had been "positive cashflow" for several years. Six months later SpaceX raised a record $86 billion in its June IPO; less than two weeks after that it sold $25 billion in investment grade bonds. And on Tuesday, less than four months after the stock started trading, the FT reported that SpaceX is now looking to raise another $40 billion, roughly $10 billion in bank loans and $30 billion in IG debt, in what appears to be another "Project Beignet"-like chip-collateralized SPV deal led by Apollo, to pay for what the FT called its "blockbuster" Nvidia chip order.

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