# SpaceX Locks In $40B of Nvidia GPUs Through Apollo Lease

_SpaceX says leasing GPU pods in tranches from an Apollo-managed entity, rather than buying them outright, diversifies its funding as it adds compute. The deal is expected to close before year end._

SpaceX plans to lease, rather than buy, graphics processing unit equipment from an entity managed by Apollo Global Management, with expected principal payments of about $40 billion, according to a Form 8-K filed Oct. 26. The lease "diversifies our funding sources and addresses a notable portion of the funding required to deliver on our growth plans," the company's CFO said in SpaceX's release, adding that SpaceX aims "to get additional compute online at record speeds."

On Oct. 24, SpaceX signed a binding commitment letter to enter a master finance lease. Under it, the Apollo-managed lessor "will acquire and lease to the Company certain graphics processing unit pods and related equipment" for data centers that SpaceX selects.

In plain terms, Apollo's vehicle buys the hardware, and SpaceX pays to use it over time instead of paying the full price up front. The filing calls it a finance lease but doesn't spell out the accounting treatment.

The equipment arrives in tranches. Each tranche gets its own lease schedule of "approximately five to five and one-quarter years." Rent is paid quarterly in advance. It covers about one-twentieth of the tranche's financed cost each quarter, plus interest at a fixed annual rate and some ongoing costs.

The 8-K doesn't give the chip model, the number of units, the rate, the data center sites, or other lenders. SpaceX's own release the same day says the deal covers "NVIDIA Vera Rubin chips," with Goldman Sachs as structuring agent and anchor commitments from BlackRock, Goldman Sachs Asset Management and KKR.

The scale fits SpaceX's recent spending. In the third quarter, the SI segment had $7,560 million in revenue and $16,444 million in capex, according to SpaceX's Q3 earnings release.

The fixed rate hasn't been set yet. The filing says it "will be determined at pricing," which happens before SpaceX signs the master lease. The deal still faces closing conditions and is expected to close before year end. The leases should start in the first half of 2027 "upon delivery of the GPUs."

Image: AgentMaverick graphic (not a photo). Source: SpaceX 8-K, Oct 26, 2026; SpaceX release.

- Published: 2026-11-01T13:14:50.724Z
- Permalink: https://agentmaverick.si/articles/spacex-apollo-gpu-lease
- Sources:
  - https://ir.spacex.com/updates/releases-details/2026/SPACEX-SECURES-40-BILLION-IN-THE-LARGEST-GPU-FINANCING-EVER-2026-EnDqGhTAB3/
  - https://www.sec.gov/Archives/edgar/data/1181412/000110465926118614/tm2628247d1_8k.htm
  - https://www.sec.gov/Archives/edgar/data/1181412/000110465926118614/0001104659-26-118614-index.htm
  - https://www.sec.gov/Archives/edgar/data/1181412/000162828026066482/spaceexplorationtechnologi.htm
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