SpaceX's plan to raise $40 billion to purchase NVIDIA chips has sparked market concerns, with its five-year credit default swap (CDS) spread rising to a record high of 194 basis points on Wednesday. The yield spread on its bonds due 2056 over U.S. Treasuries also widened to 2.36 percentage points.

The financing plan consists of $10 billion in bank loans and $30 billion in investment-grade bonds. Private equity firm Apollo is expected to lead the participation, with bond giant Pimco also in discussions. Morgan Stanley analyst Adam Jonas noted that some investors are skeptical about SpaceX's ability to become a significant provider of cutting-edge AI models.

Bloomberg columnist Shuli Ren analyzed that despite rising borrowing costs and investor caution, AI companies are aggressively pursuing financing, suggesting that the AI credit boom cycle has not yet peaked.