SpaceX announces a $40B GPU lease commitment that is not yet closed

SpaceX and Apollo say the company announced a commitment for an approximately $40 billion master finance lease covering GPUs and related equipment. An Apollo-managed entity would acquire the equipment and lease it to SpaceX.

The closing is subject to conditions and is expected before the end of 2026. Lease schedules are expected to begin in the first half of 2027, with each tranche running about 5 years.

The structure is a financing commitment, not delivered hardware or realized revenue. The fixed rate has not been set, so this is not an investment recommendation or a completed lease.