SpaceX’s $40 billion GPU Lease Just Gave Compute Serious Lift-Off 🚀

SpaceX expects total principal payments of about $40 billion under proposed finance leases for graphics processing units (GPUs) and equipment supplied by an Apollo Global Management-managed unit for its artificial intelligence systems, according to an SEC filing on Monday, October 26. The aerospace company, owned by Tesla founder and CEO Elon Musk, entered a binding commitment letter on October 24, with the proposed finance lease expected to close before the end of 2026, subject to certain closing conditions.

Under the proposed structure, the Apollo-managed unit will purchase the GPU gear and lease it to SpaceX, which will deploy the hardware in data centers selected by the space company. Deliveries will occur in multi-lots, with each lease running for about five to five and a half years as the hardware is delivered on the respective dates of the leases. Lease schedules are expected to begin in the first half of 2027, when the GPUs are delivered.

SpaceX expects quarterly payments in advance, including a portion of the equipment costs financed and interest computed at a fixed annual rate. The final rate is expected to be negotiated before the master lease is signed. Musk previously revealed that SpaceX had obtained $40 billion in debt financing to buy computing gear, citing the company’s credit position and established businesses in other fields.