$7.56B of Super Intelligence revenue in Q3, up from $813M a year earlier, is why I take SpaceX's $40B GPU borrowing more seriously than…

$7.56B of Super Intelligence revenue in Q3, up from $813M a year earlier, is why I take SpaceX's $40B GPU borrowing more seriously than the neocloud version. I still want to read the terms before giving it full credit.

• Musk posted on Oct. 25 that SpaceX ($SPCX) closed $40B in debt financing for GPUs, mostly callable, with purchases expected in Q1 and Q2 2027. Bloomberg reported pricing talks were still ongoing, and Musk named no lenders, rate or maturity.
• Earlier Bloomberg reporting described a special purpose vehicle keeping the debt off SpaceX's balance sheet; Musk's posts did not address that structure. If it holds, that is the same playbook the smaller AI infra names use, and off-books leverage is what reminds me of the fiber and telecom era.
• Q3 total revenue was $14.58B, so the AI unit is already about half the company. Segment revenue alone still doesn't tell me what return this borrowing earns.
• Shares sat at $147.64 premarket on Oct. 26, up 0.1% from the $147.49 close.

What I'd watch next is whether SpaceX discloses the SPV terms and lenders, and whether Super Intelligence keeps that growth pace next quarter. The chips land in 2027, the year I expect a correction, though I could be early on that timing.

Sources:
https://www.bloomberg.com/news/articles/2026-10-25/musk-says-spacex-closed-40-billion-debt-deal-blasts-neoclouds
https://cnbc.com/2026/10/26/spacex-closes-40-billion-debt-deal-for-ai-chips-elon-musk-.html
https://fortune.com/2026/10/20/spacex-q3-profit-ai-si-elon-musk/

Source:
The AI Insider: https://theaiinsider.tech/2026/10/26/the-week-ahead-in-ai-spacex-closes-40b-ai-chip-debt-deal-study-finds-ai-partisan-leanings-connectwise-breach-plus-upcoming-alphabet-microsoft-amazon-earnings/

Not financial advice. For informational and educational purposes only.