Elon Musk says credit markets have nearly closed off debt financing for AI data center companies without independent revenue. According to him, SpaceX secured a $40 billion debt package mainly intended to purchase Nvidia GPUs, backed by its investment-grade credit rating and recurring revenue from Starlink and launch operations. The financing, which is expected to cover GPU deliveries in the first and second quarters of 2027, ranks among the sector’s largest transactions. Musk also forecasts consolidation among more than 200 specialized AI cloud providers, with only a few expected to survive the credit squeeze. Rising yields and tighter lending terms are increasing pressure on companies whose business model depends on buying chips and renting out computing power.
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