❯ SpaceX reaches roughly $40 billion GPU lease financing commitment with Apollo

Leased chipsSpaceX says it reached a binding commitment with an Apollo-managed entity for an approximately $40 billion master finance lease covering GPUs and related equipment. The hardware will support AI and compute services from SpaceX’s terrestrial data centers.

Who buys the equipmentUnder the arrangement, an Apollo-managed entity will purchase GPUs, servers and related equipment and lease them to SpaceX. SpaceX therefore does not have to rely entirely on its own cash to buy the equipment at delivery, but will owe payments under the lease. Apollo, Goldman Sachs and other parties have committed financing.

What the capacity is forSpaceX says the equipment will include Nvidia’s next-generation Vera Rubin chips, supporting Grok for businesses and consumers as well as existing and future cloud customers. The company has been expanding terrestrial capacity as demand for model training and user requests grows; the arrangement provides dedicated funding for additional equipment.

The stage todayThe binding financing commitment has been reached, but the lease is subject to closing conditions and is expected to close before the end of 2026. GPU and equipment deliveries are expected in the first half of 2027, when the corresponding lease schedules will begin. The full amount does not represent equipment already delivered or funding already spent.

▮ SIGNALFinancial institutions are increasingly buying AI equipment upfront and converting it into service capacity through long-term leases.