SpaceX locks in about $40 billion GPU lease with Apollo-managed entity
The binding commitment covers Nvidia Vera Rubin chips and related equipment, with Apollo and Goldman Sachs leading the financing.
The 30-second read
- SpaceX has a binding commitment for a master finance lease of about $40 billion for GPUs and related equipment.
- Apollo and Goldman Sachs lead the deal. BlackRock, Goldman Sachs Asset Management and KKR-advised accounts are anchors.
- Closing is expected before year-end 2026, and the leases start in the first half of 2027 as chips arrive.
IllustrationSpaceX has made a binding commitment for a master finance lease worth about $40 billion. It covers GPUs and related equipment, and the other side is an entity managed by Apollo. Apollo and Goldman Sachs lead the financing, with Goldman Sachs as the sole structuring agent. BlackRock, Goldman Sachs Asset Management and KKR-advised accounts made anchor commitments.
TechCrunch first reported the structure. The Apollo entity buys the chips and leases them to SpaceX for about five to five-and-a-quarter years. The chips are Nvidia Vera Rubin units. The deal is expected to close before the end of 2026, and the leases begin during the first six months of 2027, when the GPUs are delivered. NDTV Profit first reported that the fixed rate is still open, because pricing has not happened yet. The lease will power Grok for enterprises, consumers and cloud customers.
Bret Johnsen, SpaceX CFO, said: "This lease diversifies our funding sources and addresses a notable portion of the funding required to deliver on our growth plans". The CFO also spoke of "less than one year payback periods". Elon Musk also commented on the wider market for rented GPUs. TechCrunch first reported his words: "That means the 200+ neoclouds are going to see guppy-level death and consolidation," Musk wrote. "Some will make it through, but not many." Neoclouds are firms that rent out GPUs.
Also first reported by TechCrunch: the AI segment brought $7.6 billion of $14.6 billion revenue. Q3 capex was nearly $20 billion, against $6.9 billion a year earlier. Q4 capex is expected at $35-40 billion.
Why it matters
The deal shows how AI chip buying is being funded through large lease structures backed by big asset managers. It also shows how the cost of AI hardware is pushing capex sharply higher.
The data
| Metric | Figure |
|---|---|
| Q3 revenue | $14.6 billion |
| AI segment revenue | $7.6 billion |
| Q3 capex | Nearly $20 billion |
| Capex a year earlier | $6.9 billion |
| Q4 capex expected | $35-40 billion |
