SpaceX Closes $40 Billion GPU Debt Facility as Musk Warns of a Neocloud Shakeout
A space and satellite communications company used off-balance-sheet debt to buy chips at scale, moving the funding of artificial intelligence infrastructure from equity markets into credit markets. In the same statement, the warning about a coming shakeout showed that the fragility of that leverage cycle is already visible to the man who set it in motion.