SpaceX confirms $40 billion GPU lease with Apollo Global

SpaceX has entered into a binding commitment for a $40 billion master finance lease agreement with an entity managed by Apollo Global Management, Inc. The lease will provide NVIDIA Vera Rubin chips for the company's terrestrial compute infrastructure.

The transaction represents the largest committed GPU financing to date. Apollo and Goldman Sachs led the financing, with Goldman Sachs serving as sole structuring agent. Funds managed by BlackRock, Goldman Sachs Asset Management, and capital accounts advised by KKR have made anchor commitments.

SpaceX's chief financial officer stated the company aims to deploy the largest compute infrastructure in the world. The executive noted payback periods on infrastructure investments are currently less than one year as demand for compute continues to grow.

The lease will diversify SpaceX's funding sources and address a portion of the funding needed for the company's growth plans. The infrastructure will power Grok for enterprises and consumers, as well as serve cloud services customers.

The lease remains subject to certain closing conditions and is expected to close before the end of 2026. Lease schedules are expected to begin upon delivery of GPUs and related equipment in the first half of 2027.

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