SpaceX's Filings Show AI Computing Power Being Financed Like a Credit Asset

SpaceX's filings with the Securities and Exchange Commission show how far the AI buildout has moved into the bond market. On June 26, the company issued $25 billion of senior unsecured notes in five pieces, from 5.350% notes due 2031 to 6.650% notes due 2056, according to its 8-K filing.

The same filings show where part of the revenue behind that debt comes from. Under a June 5 agreement disclosed to the SEC, Google pays SpaceX $920 million a month from October 2026 through June 2029 for access to about 110,000 Nvidia GPUs. That is about $11 billion a year on paper. After Dec. 31, 2026, either side can end the deal on 90 days' notice.

That clause is the first thing a bondholder should read. A contract that runs through mid-2029 on paper can shrink to a single quarter's notice once the calendar turns to 2027.

Lenders have financed airplanes for decades against long records of how long a jet flies and what it fetches used. GPU fleets have no comparable history. A creditor exposed to them is betting on how long a chip generation keeps earning before the next one makes it cheaper to replace than to run.

Nvidia is building the financing side itself. On Aug. 10, it said it had signed memorandums of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to set up financing platforms meant to raise more than $500 billion of outside capital for AI infrastructure over time. The chipmaker sells the hardware, and its partners help raise the money to build where it goes.

That borrowing competes for the same savings as everyone else's. Federal Reserve Chair Kevin Warsh said Sept. 16 that hyperscalers "are out in the market raising funding" and that the competition for capital "partly explains the increase in yields." The 10-year Treasury closed at 5.31% on Monday, Oct. 5, its highest close since May 2002, and was at 5.28% on Wednesday, Oct. 7. Long Island mortgage rates move with that yield.

For lenders, the question is how many years of paying customers a GPU will see, and SpaceX's own Google contract guarantees 90 days of notice once 2027 begins.