SpaceX GPU Financing Seals $40 Billion Lease
SpaceX GPU financing reached a binding master finance lease led by Apollo and Goldman for about $40 billion, shifting funding flows and capex into 2027.
KEY TAKEAWAYS
- Binding approximately $40 billion master finance lease to fund NVIDIA GPUs and related equipment.
- Agreement names Apollo and Goldman Sachs as financing leads with anchor commitments from BlackRock and KKR accounts.
- Lease schedules begin upon equipment delivery in the first half of 2027.
HIGH POTENTIAL TRADES SENT DIRECTLY TO YOUR INBOX
Add your email to receive our free daily newsletter. No spam, unsubscribe anytime.
SpaceX said on Oct. 26, 2026, that its SpaceX GPU financing had reached a binding commitment for a master finance lease led by Apollo Global Management to fund NVIDIA Vera Rubin chips and related equipment, with deliveries expected in the first half of 2027.
Master Finance Lease and Timeline
The company announced a binding commitment to enter a master finance lease with an Apollo-managed entity to finance next-generation NVIDIA Vera Rubin chips and related data-center equipment. The agreement remains subject to specified closing conditions and is expected to close before year-end 2026. Lease schedules will begin when equipment is delivered in the first half of 2027.
Apollo and Goldman Sachs led the financing commitments, with Goldman Sachs serving as the sole structuring agent. Anchor commitments came from funds and accounts managed by BlackRock, Goldman Sachs Asset Management, and capital accounts advised by KKR. Additional transaction details will be provided in a Current Report on Form 8-K.
SpaceX described the arrangement as the largest committed GPU financing.
Capital and Market Context
Elon Musk publicly characterized the financing as closed and primarily callable debt, with GPU deliveries expected in the first and second quarters of 2027. He attributed the company’s access to financing to its investment-grade status and revenue from Starlink and launch services.
SpaceX’s chief financial officer, Bret Johnsen, was reported as expecting fourth-quarter 2026 capital expenditures of $35 billion to $40 billion. The company’s AI-related segment generated $7.6 billion in third-quarter revenue, up from $813 million a year earlier.
Secondary reports indicated pricing discussions were ongoing as the transaction was finalized and described a contemplated special-purpose vehicle intended to keep the debt off SpaceX’s balance sheet.
Combined with the capital-spending outlook and rapid AI revenue growth, the lease commitment supports a significant terrestrial compute buildout and will shape SpaceX’s capital allocation and deployment plans into 2027.
"largest committed GPU financing." — SpaceX
