Nvidia hits record $5.65 trillion as SpaceX seeks $40 billion to buy its AI chips

Nvidia hits record $5.65 trillion as SpaceX seeks $40 billion to buy its AI chips

Nvidia has surpassed its previous all-time high from May as companies race to secure the computing power needed to expand artificial intelligence.

Nvidia has reached a new all-time high market capitalization of $5.65 trillion, eclipsing the previous record it set in May, as investors continue to bet on the enormous spending required to build out artificial intelligence infrastructure.

The new record comes as the scale of that spending is becoming increasingly clear. SpaceX is reportedly seeking to raise $40 billion, led by Apollo Global Management, largely to purchase Nvidia AI chips.

The Elon Musk-led company is looking to raise about $10 billion in bank loans and another $30 billion in investment-grade debt for the chip order, the Financial Times reported on Tuesday, citing people familiar with the matter. The transaction is expected to close in 2027.

The reported SpaceX financing offers a striking example of the capital required to support the AI boom. That spending is a major reason Nvidia has become the biggest financial beneficiary of the AI infrastructure boom. The company is the dominant suppl...