The financing is allocated in the form of approximately $7.5 billion in equity and up to $12.5 billion in debt through a special purpose vehicle. This structure allows investors to recoup their investments by leasing equipment rather than directly through the company, which reduces the debt burden.
The startup raised nearly $10 billion earlier this year but continues to need new funds given monthly expenses of about $1 billion. In addition to Nvidia, Apollo Global Management and Diameter Capital Partners are also participating in the agreement.
Musk sees artificial intelligence as the foundation of his future projects, including fully autonomous cars and robots.
Source: Ferra
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