SpaceX's GPU-backed loan of 400 hundred-million dollars: ultimately a boon for NVIDIA?

Money Never Sleeps editor New York reports that SpaceX is seeking a loan of 400 hundred-million dollars (approximately 55 trillion won) from Apollo and others, using NVIDIA GPUs as collateral. As SpaceX plans to increase the chip count at Colossus in Memphis from 23 ten-thousand to more than 120 ten-thousand by year-end, it is pursuing a GPU-backed loan with a maturity of 7 years. The editor asks why Wall Street would lend against assets that become outdated in 2~3 years. GPUs have shorter economic lives than physical lives, creating a strong preference for the latest chips, but the explanation is that Wall Street considers not just the hardware but also cash flows from customer contracts as collateral. The editor describes the SPV structure pioneered by CoreWeave in 2023: placing GPUs and long-term usage contracts in a separate entity, repaying loans with usage fees, and making the entity bankruptcy-remote. The editor also reports the view that SpaceX's contracts with Google and Anthropic constitute the central collateral. Demand for older chips for inference and fine-tuning, used H100 prices holding at roughly half the price of new units, and Jensen Huang's approach of turning GPUs into standardized financial assets like aircraft, together with a policy of covering up to 25% of losses from declining value, are cited as grounds for long maturities. The editor identifies three market effects: lower barriers to entry, a financial moat for NVIDIA, and a connection between technological volatility and credit markets. Risks include the absence of experience with a demand slowdown, a lack of standardized appraisal criteria, and cascading defaults. The conclusion is to monitor not only chip purchases but also the retention of customer contracts and changes in financing rates. All directional outlooks are the speaker's conditional judgments, not definitive short-term price predictions.