SpaceX Secures $40 Billion Debt Round as Musk Warns of AI Neocloud Failures

SpaceX has closed a $40 billion debt financing round backed by Starlink and rocket-launch revenue to purchase AI chips, while Elon Musk warned that more than 200 specialized AI cloud startups face collapse. The debt round will fund GPU deliveries expected in the first and second quarters of 2027, following fourth-quarter capital expenditure guidance of $35 billion to $40 billion. Concurrently, credit markets have halted debt financing for pure-play AI data center operators lacking diversified revenues, pushing CoreWeave's $2.75 billion 2031 bond yields to a record 15.76% and pressuring peers such as Nebius, Dell, and Oracle.