SpaceX commits to about $40bn GPU lease with Apollo-managed lessor

SpaceX's Form 8-K, signed 26 October 2026, reports that on 24 October 2026 SpaceX entered into a binding commitment letter to enter into a master finance lease with an entity managed by Apollo Global Management, Inc.

On October 24, 2026, Space Exploration Technologies Corp. (the "Company") entered into a binding commitment letter ... an entity managed by Apollo Global Management, Inc. (such entity, the "Lessor"); signed October 26, 2026

The 8-K says the lessor will acquire and lease to SpaceX graphics processing unit pods and related equipment for use at data centers selected by SpaceX.

the Lessor will acquire and lease to the Company certain graphics processing unit pods and related equipment (the "Equipment")

The 8-K says 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.

the Equipment will be delivered in tranches, each of which will be subject to a separate lease schedule ... with a term of approximately five to five and one-quarter years from the applicable commencement date

The 8-K says SpaceX expects aggregate principal payments under the lease schedules over their terms to total approximately $40 billion.

aggregate principal payments under the lease schedules over their respective terms to total approximately $40 billion.

The 8-K says SpaceX's entry into the master finance lease is subject to certain specified closing conditions and is expected to close prior to year end, with lease schedules expected to commence during the first half of 2027 upon delivery of the GPUs.

subject to certain specified closing conditions ... expected to close prior to year end. The lease schedules are expected to commence during the first half of 2027 upon delivery of the GPUs.

The 8-K says the fixed rate on the lease will be determined at pricing, which will occur before SpaceX enters the master finance lease.

the fixed rate will be determined at pricing which will occur prior to the Company's entry into the master finance lease

Apollo's press release of 26 October 2026, titled "SpaceX Secures $40 Billion in the Largest GPU Financing Ever", says in its own voice that the lease will deliver NVIDIA Vera Rubin chips for SpaceX's terrestrial compute buildout; the 'largest' and the Vera Rubin chips are Apollo's words, not in the 8-K.

SpaceX Secures $40 Billion in the Largest GPU Financing Ever; This lease will deliver the next generation of NVIDIA Vera Rubin chips for SpaceX's terrestrial compute buildout

Apollo says Apollo and Goldman Sachs lead a group of financing parties, with Goldman Sachs as sole structuring agent, and that BlackRock, Goldman Sachs Asset Management and KKR-advised capital accounts made anchor commitments.

The financing has been committed to by a number of financing parties led by Apollo and Goldman Sachs ... Goldman Sachs, who served as sole structuring agent ... Funds and accounts managed by BlackRock, Goldman Sachs Asset Management, and capital accounts advised by KKR

Apollo's release attributes to SpaceX's chief financial officer the statement "we're seeing less than one year payback periods on our SI infrastructure investments." the company says

we're seeing less than one year payback periods on our SI infrastructure investments.