Finance29 September, 20262 min read
Tesla Secures $30 Billion Credit Facilities From Citibank and Wells Fargo for Cybercab and Optimus
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Total $30 billion in credit facilities includes a $20B delayed-draw loan and $10B revolvers. Citibank administers a $20B term loan; Wells Fargo participates in revolving facilities.
7 outlets told this the same way.
$30B credit, no draws
Tesla entered into $30 billion in new credit facilities on Tuesday as it accelerates investments in artificial intelligence and scales up production of Cybercab robotaxis and Optimus robots.
Citibank agreed to a $20 billion, three-year delayed-draw term loan with Citibank as administrative agent, while Wells Fargo led an $8 billion five-year revolving credit facility and a $2 billion 364-day revolving facility.
Tesla said it had no borrowings under any of its facilities as of Sept. 29, according to an SEC filing, and it terminated its 2023 revolving credit agreement with no outstanding borrowings.
Tesla also said it does not plan to draw on these loan facilities this year, even as it projected more than $25 billion this year in capital expenditures.
At a Washington event on Tuesday, CEO Elon Musk said Space Exploration Technologies Corp.(NASDAQ:SPCX) and Tesla are aiming to jointly produce 200 gigawatts of solar power per year.
Terms, liquidity covenant
Tesla signed three credit agreements on September 29, 2026 for a total of 30.0 billion dollars, and Tesla said the financing commitments are not loans already drawn. Citibank, N.A. acted as administrative agent for the deferred-disbursement term loan, while Wells Fargo Bank, National Association performed that role for the two revolving lines. The agreements required Tesla to maintain at least 5.0 billion dollars of consolidated liquidity, calculated under the agreements themselves.
Tesla terminated an earlier revolving credit agreement for 5.0 billion dollars on the same September 29, and the company said it had no outstanding borrowings and did not pay a penalty for canceling it before its maturity. Tesla also stated that it currently does not expect to draw on the lines in 2026, as the company communicated when signing the agreements.
Why it matters
Tesla secured the $30 billion package as it projected heavy capital spending and expanded its industrial capacity for Cybercab, Optimus, and the Semi, while also saying it does not plan to draw on the facilities this year. TechCrunch said Tesla finished the second quarter of this year with around $9 billion in debt and a pile of cash (and investments) north of $40 billion, framing the new lines as additional capacity rather than immediate borrowing. Tesla’s financing capacity was also linked to scaling production of Cybercab robotaxi, Optimus robot, and Tesla Semi, while the agreements permitted general corporate purposes or other uses permitted by their terms.
“Tesla announced new credit lines totaling USD 30,000 million, though it said it does not plan to draw on them this year.”
Tesla said it does not anticipate drawing on the lines during 2026, and the structure replaced a smaller $5 billion revolving credit line that had been in place since January 2023. Tesla’s July earnings call included CEO Elon Musk saying, "We should ramp up capital expenditures as quickly as possible—investing funds as fast as we can without incurring excessive waste," as the company extended its funding runway for its long-term investment strategy.