Pretoria-born Elon Musk is leading SpaceX in talks with banks and investors to raise about $40 billion to buy Nvidia chips, potentially creating one of the largest debt financings tied to the artificial intelligence buildout. The discussions come days after Musk regained his position as the world’s only trillionaire, according to the Bloomberg Billionaires Index.

Pacific Investment Management Co. is among the investment managers examining the proposed financing, people familiar with the matter said. The talks remain at an early stage and could end without a transaction, the people said. SpaceX is considering about $10 billion of bank loans and $30 billion of investment-grade debt.

A huge AI financing

Apollo Global Management is leading the financing discussions, which are expected to close in 2027, Bloomberg reported, citing an earlier Financial Times report. The proposed borrowing would give Musk’s space, satellite and artificial intelligence businesses substantial funding to expand computing capacity as demand for Nvidia processors accelerates.

Musk’s renewed trillionaire status adds a new layer to the financing push. His fortune rose $65 billion Monday to $1.04 trillion, according to the Bloomberg Billionaires Index, driven by higher valuations for his stakes in SpaceX and Tesla. Bloomberg now puts his wealth at $1.05 trillion.

Tesla, SpaceX lift Musk’s wealth

Tesla shares have gained 6.7 percent since the start of October, while SpaceX has climbed 13 percent, helping push Musk’s wealth back into 13-digit territory for the first time in three months. He first became the world’s first trillionaire in June after SpaceX surged following its record-breaking initial public offering.

Musk has also been pointing investors toward SpaceX’s growth potential, saying the company could generate $1 trillion in annual revenue by 2030. His ambitions extend into AI, where xAI’s Colossus 2 data center in Memphis is being expanded with additional Nvidia processors to support Musk’s broader computing push.

Apollo deepens Musk ties

Colossus 2 currently has 110,000 Nvidia GB200 chips and 440,000 GB300s, Musk said last month. He expects another 220,000 GB300s to become operational soon, with a further 220,000 planned for November and potentially another batch by late December, underscoring the enormous capital required for Musk’s AI ambitions.

Apollo has already financed Musk’s AI expansion, providing $7 billion for xAI to access Nvidia chips for Colossus 2. The investment firm was also among the major financial institutions Nvidia tapped in August as part of a planned $500 billion financing initiative for AI infrastructure, alongside Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs and KKR.