SpaceX Enters Binding Commitment for ~$40B Master Finance Lease with Apollo for GPU Infrastructure

Executive Summary

On October 24, 2026, Space Exploration Technologies Corp. ("SpaceX" / NASDAQ: SPCX) entered into a binding commitment letter with an affiliate entity managed by Apollo Global Management, Inc. to execute a master finance lease. Under the arrangement, the Apollo entity will purchase and lease to SpaceX graphics processing unit (GPU) pods and associated infrastructure equipment for deployment across company-selected data centers.

Key Terms & Financial Mechanics

• Deal Size & Principal Outlay: SpaceX anticipates total aggregate principal payments across all lease schedules to reach approximately $40 billion.
• Lease Schedules & Duration: Equipment will be delivered in tranches. Each tranche will be governed by an independent lease schedule running approximately 5 to 5.25 years from its commencement date.
• Payment Structure: Rent will be payable quarterly in advance. Installments will consist of:
  1. Amortization of principal equal to 1/20th of the financed cost of the applicable tranche;
  2. Interest calculated at an agreed fixed per-annum rate on the remaining lease balance (to be priced prior to closing); and
  3. Reimbursement of specific ongoing operating costs and administrative expenses.
• Closing & Operational Timeline: Definitive master finance lease execution is subject to customary closing conditions and is anticipated to finalize before the end of fiscal 2026. Deliveries of GPU hardware and initial lease schedule commencements are targeted for the first half of 2027.

Strategic & Market Implications

This $40 billion equipment lease facility represents a massive capital expenditure program aimed at building out high-performance AI and computing data center infrastructure without requiring immediate upfront equity or direct corporate bond issuances. Partnering with Apollo allows SpaceX to offload initial procurement capex while amortizing high-cost GPU infrastructure over a typical technology useful life cycle (5 years).