
Musk stated that SpaceX has completed a $40 billion redeemable GPU debt financing, with funds allocated to purchase GPUs scheduled for delivery in the first and second quarters. The instrument is a redeemable debt with a fixed repayment date; Musk noted that its investment-grade credit rating, along with revenue from Starlink and launch operations, helps maintain access to credit. The hardware has not yet been delivered, so the impact on this quarter’s expenses is minimal.
