SpaceX’s $40 billion debt raise is being finalized at sharply higher interest rates than when the rocket company last tapped bondholders, a sign of growing jitters in the AI world.

The lowest-rated portion is expected to carry interest rates of about 8.3%, according to people familiar with the deal, which is being led by Apollo and Goldman Sachs. A safer piece of debt, which is backed by some of SpaceX’s chips, is likely to price next week around 7.75%, the people said. That is more than 1 percentage point more than where SpaceX’s current bonds trade, reflecting an AI-loan market that has pulled back sharply over the past few weeks. President Donald Trump purchased $5 million in SpaceX bonds in August.

Goldman and Apollo declined to comment.…