Space Exploration Technologies Corp. (NASDAQ:SPCX) is reportedly looking to raise $40 billion to fund a major Nvidia chip order, according to the Financial Times. The financing would include about $10 billion in bank loans and $30 billion in investment-grade debt. Apollo Global Management is expected to lead the deal, which should close in 2027. The bigger question is whether a stock trading at more than 50 times sales can justify such a large bet.
We recently published an article on 10 Stocks That Will Go to the Moon According to Reddit, but where did SPCX rank on the list?
Borrowing to Buy Chips
SpaceX’s decision to fold Elon Musk’s AI company xAI into the business in February helps explain its appetite for Nvidia chips. Its BBB rating, the second-lowest investment-grade rating, allows insurance companies and pension funds to buy the debt. The company secured that rating shortly after its $86 billion IPO in June, then sold $25 billion of bonds less than two weeks later.
However, investors sold off those bonds within days as concerns grew about rising debt and heavy spending. The financing may have had willing lenders, but the bond market has already signaled that investors are cautious. The company’s financing story is getting more interesting, but what’s drawing Jim Cramer’s attention back to SPCX?
Priced for Perfection, Spending Like It
SpaceX trades at 51.97x forward sales, which means the Nvidia chips need to translate into meaningful growth. If the company doubled sales without a change in its stock price, the multiple would fall to around 26x. That is the growth scenario investors are effectively paying for.
Capital spending adds another layer to the story. It equals 184% of sales, or $1.84 for every $1 of revenue. SpaceX has $100.01 billion in cash against $39.71 billion in debt, giving it about $60 billion in financial headroom. Even so, the bond sell-off shows the market is watching its spending pace closely.
To me, the stock ultimately depends on whether chip spending can turn into sales quickly enough.
A total of 119 hedge funds held SpaceX at the end of Q2 2026. Short interest stood at just 2.43% of float as of September 15, 2026.
Lenders appear willing to support the Nvidia order, and relatively few investors are betting against the stock. However, the 52x sales multiple and the bond market’s earlier reaction to the debt add pressure. The chips need to deliver growth quickly. Borrowing would allow SpaceX to fund its Nvidia purchases while preserving liquidity for its other capital-intensive businesses. However, additional debt would increase financing costs and raise the stakes for its AI investments.
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