SpaceX commits to roughly $40 billion GPU equipment lease with Apollo-managed entity

SpaceX said it expects aggregate principal payments of approximately $40 billion under a planned master finance lease for graphics processing unit equipment. On October 24, 2026, the company entered into a binding commitment letter with an entity managed by Apollo Global Management, Inc.

Under the arrangement, the lessor will acquire the GPU pods and related equipment and lease them to SpaceX for use at data centers the company selects. The equipment will be delivered in tranches, each under a separate lease schedule with a term of approximately five to five and one-quarter years from its commencement date.

Rent is payable quarterly in advance and generally consists of one-twentieth of the financed cost of the tranche plus an amount at a fixed rate per annum on the outstanding lease balance and certain ongoing costs and expenses. The fixed rate will be set at pricing, which will occur before SpaceX enters into the master finance lease.

SpaceX said the lease is subject to specified closing conditions and is expected to close before year end, with lease schedules expected to begin in the first half of 2027 upon delivery of the GPUs.