Larry Goldberg
@TeslaLarry
Managing Partner, LumaSenti. Entrepreneur, co-inventor/co-author of the book “The Decision Model”.
参加 March 2009
742 フォロー中 57K ファン
The way capital goods in this country have been financed for a century!
SpaceX is reportedly lining up $40B to buy Nvidia chips. The FT reports $10B in bank loans and $30B in investment-grade debt, led by Apollo, with the GPUs likely as collateral.
The pushback is that it already raised money at the IPO, so why borrow more? @TeslaLarry says this is just how capital goods get bought. Railroads, steel mills, GE generators and mining gear have all run on equipment financing for generations.
The logic is simple. Chips with a 3–6 year life that earn a high return should be paid off by their own revenue, not by equity. And Vera Rubin lands next year.
Borrowing against a cash flow you can see coming is the smart use of the balance sheet.
$SPCX
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