Key insights
- SpaceX has secured a $40 billion master finance lease agreement with Apollo Global Management for NVIDIA Vera Rubin chips to build the world's largest compute infrastructure. This deal, the largest GPU financing to date, diversifies SpaceX's funding and supports growth plans for Grok and cloud services. Apollo and Goldman Sachs led the financing, with anchor commitments from BlackRock and KKR. The lease is expected to close before the end of 2026, with GPU deliveries starting in early 2027.
SpaceX has entered into a binding commitment for a $40 billion master finance lease agreement with an entity managed by Apollo Global Management, Inc. The lease will provide NVIDIA Vera Rubin chips for the company’s terrestrial compute infrastructure.
The transaction represents the largest committed GPU financing to date. Apollo and Goldman Sachs led the financing, with Goldman Sachs serving as sole structuring agent. Funds managed by BlackRock, Goldman Sachs Asset Management, and capital accounts advised by KKR have made anchor commitments.
SpaceX’s chief financial officer stated the company aims to deploy the largest compute infrastructure in the world. The executive noted payback periods on infrastructure investments are currently less than one year as demand for compute continues to grow.
The lease will diversify SpaceX’s funding sources and address a portion of the funding needed for the company’s growth plans. The infrastructure will power Grok for enterprises and consumers, as well as serve cloud services customers.
The lease remains subject to certain closing conditions and is expected to close before the end of 2026. Lease schedules are expected to begin upon delivery of GPUs and related equipment in the first half of 2027.
ProPicks AI re-scores APO every month against thousands of alternatives on 100+ financial metrics, then builds the strategies that came out ahead.Energy Elite is beating its benchmark by 37% year to date. Mid Cap Movers by 21%. Tech Titans, our flagship, has beaten the S&P 500 by 112% since launch three years ago.See whether APO made the cut — and which stocks did.