埃隆·马斯克的SpaceX处于人工智能资本支出的竞争之中。据报道，SpaceX为购买Nvidia芯片而寻求400亿美元的债务融资，这表明它夹在谷歌和Meta等成熟科技巨头与OpenAI和Anthropic等初创企业之间——后者由于私人性质，往往能够承受无法支付自身账单的困境。
Elon Musk’s SpaceX is the in-betweener in the AI capex wars. SpaceX’s reported $40 billion debt raise to buy Nvidia chips shows it is stuck between mature tech giants like Google and Meta and startups like OpenAI and Anthropic, whose private status tends to forgive their inability to pay their own bills.
SpaceX的债务是其利润的五倍（相对于Alphabet而言）和三倍（相对于Meta而言）。
虽然Starlink业务带来的收入有助于支撑SpaceX的高成本火箭项目，但这远不如竞争对手的广告业务那么赚钱。
SpaceX carries five times more debt than Alphabet, and three times more debt than Meta, relative to their respective profits, and while money from Starlink helps prop up SpaceX’s cash-guzzling rocket business, it isn’t nearly the cash cow that rivals’ ad businesses are.
由于在人工智能上的投入超过了其他业务的收入，SpaceX不得不借款。
It needs to borrow because it’s spending more on AI than it’s taking in from the rest of its businesses.
由于在6月上市，SpaceX已经无法再通过风险投资的方式获得资金。
By going public in June, SpaceX locked itself out of the raise-and-pray venture capital world.
然而，自那以后其股价的停滞不前使得发行新股来支付日益增长的人工智能开支变得不具吸引力。
But its stock price’s sideways lurch since then makes it unattractive to issue new shares to pay for its growing AI tab.
其BBB信用评级比Meta和Alphabet低两个等级，因此在蓝筹债券基金中较难出售。
Its BBB credit rating is two notches below Meta and Alphabet, and a tougher sell with blue-chip bond funds; enter Apollo, which has a pot of money to match seemingly every risk out there (including cash-strapped governments!).
Apollo公司则拥有足够的资金来应对各种风险（包括资金紧张的政府！）Oracle也处于类似的境地。
Oracle finds itself in a similar position. — Liz Hoffman