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SpaceX Signs Apollo GPU Lease Commitment With About $40 Billion in Principal Payments

October 26, 2026 at 10:26 EDT

Infra & Chips
Funding & M&A

SpaceX has signed a binding commitment letter for a master finance lease with an Apollo Global Management-managed entity covering GPU pods and related equipment. SpaceX expects principal payments across the lease schedules to total about $40 billion, with interest and certain other costs on top.

OCTOBER 2026 · SPACEX

A $40B lease commitment for AI compute

An Apollo-managed entity would buy GPU pods and lease them to SpaceX. The expected principal is about $40 billion; interest and certain costs are additional.

Financing scale

Dollar amounts shown to scale; the disclosed transaction measures differ.

$40B

SpaceX expected lease principal

$5.4B

Earlier xAI infrastructure deal

PER TRANCHE

5 to 5.25 years

Lease schedule term

DELIVERY WINDOW

H1 2027

Lease schedules expected to start

FINANCING RATE

Not set

To be determined before final lease

How quarterly rent is structured

Generally, one-twentieth of each tranche's financed cost, plus interest on the outstanding balance and certain ongoing expenses. Payments are due quarterly in advance.

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