Goldman, Apollo in talks to sell $40B SpaceX AI chip financing

The structure is the story here: a pre-syndication debt package kept off SpaceX's balance sheet, sized against chips that have not yet shipped. That separates the credit risk from the equity story and places it with institutions taking large individual stakes before any formal process begins. It also deepens the entanglement between private AI infrastructure buildouts, Wall Street balance sheets and a small set of chip suppliers. Whether this template becomes a repeatable model for financing compute — and how the off-balance-sheet treatment is received as syndication widens — is the open question worth watching.