Elon Musk is hyping SpaceX as a trillion-dollar AI company, but the bigger story is a warning that the whole AI boom may be a debt-fueled bubble — bad news for investors if the promises fall through.

• Musk says SpaceX's AI revenue will soon top all its rocket revenue, and claims AI will be 99% of the company's value in five years.
• The AI boom runs on borrowed money — companies take on debt to build data centers faster than rivals, betting on future revenue that may never come.
• Nvidia, Oracle and others are tangled in "circular" deals where one lends money so another can buy its chips, hiding how much risk is really in the system.
• Data centers create lots of temporary construction jobs but few permanent ones — often just a few hundred — while the goal is to replace workers with AI.
• The real bottleneck is power: China added ten times more electricity to its grid last year than the US, and Trump's tariffs on solar make it harder to catch up.

Outlook: If AI spending fails to pay off — or the power to run it never shows up — the heavy borrowing could turn this boom into a painful bust.