El riesgo crediticio de SpaceX se dispara ante las dudas sobre su agresiva estrategia de endeudamiento

The credit risk of SpaceX has skyrocketed due to doubts about the company's aggressive borrowing strategy. This comes after a Financial Times report stating that the aerospace firm aims to raise $40 billion to purchase Nvidia chips. The risk of default on SpaceX's credit default swaps (CDS) for five-year bonds surged to 194 basis points on Wednesday, indicating a 19,400 dollar annual cost to insure $1 million of SpaceX's debt against potential default.

This is a significant increase from the 110 basis points at the beginning of the month. Investors have also sold SpaceX's debt, causing the yield spread over U.S. Treasury bonds with a 2056 maturity to widen to 2.36 percentage points, up from 1.75 percentage points in June. SpaceX is seeking $10 billion in bank loans and $30 billion in leveraged debt to fund the chip purchases, with Apollo leading the private capital round and Pimco among the potential debt lenders.

This follows SpaceX's issuance of $25 billion in leveraged debt in June, just weeks after raising $86 billion in its historic IPO. The new debt issuance suggests Elon Musk is doubling down on his bet on Nvidia technology. Morgan Stanley analyst Adam Jonas warned in a recent note that some investors remain skeptical about SpaceX's ability to succeed as a major provider of next-generation AI models or deploy orbital computing capabilities within any foreseeable timeframe.

This latest $40 billion funding round is part of a series of large-scale debt operations by major Silicon Valley tech groups to finance AI infrastructure construction across the United States. Companies like Alphabet, Meta, Oracle, and Amazon have also issued billions of dollars in bonds and loans for AI-related projects in public and private markets.

The cost of CDS for five-year bonds for other tech companies seeking substantial funding for AI projects has also risen in recent weeks, with Oracle's five-year CDS cost increasing by 40 basis points since early this month, reaching 244 basis points. Nvidia's chips have also seen a significant rise in CDS costs, from 45 basis points at the beginning of July to 81 basis points.

Financial institutions warn that many are looking for ways to hedge against potential setbacks in AI investing.