Key Takeaways
- • SpaceX has struck a $40 billion master finance lease to purchase Nvidia GPUs, supporting development of its xAI subsidiary and related data center projects, according to Morningstar's republication of PitchBook reporting.
- • Apollo and Goldman Sachs led the committed financing, with Goldman Sachs serving as structuring agent; affiliates of BlackRock, Goldman Sachs Asset Management, and KKR provided financing commitments.
- • SpaceX will pay rent equal to 5% of the financed cost of each tranche plus a fixed annual rate on the outstanding balance, per an October 26 8-K filing.
- • SpaceX calls the transaction the largest-ever committed GPU financing, exceeding a $36 billion structured notes deal for GPUs leased to Anthropic that was led by Apollo and Blackstone.
- • The deal is expected to close before year-end 2026, with leasing commencing in the first half of 2027.
Summary
Space exploration and AI company SpaceX has entered a $40 billion master finance lease to purchase Nvidia GPUs, according to a report carried by Morningstar and originally published by PitchBook. The equipment will support the development of xAI, SpaceX's AI subsidiary, and related data center projects. Under the structure, Apollo will acquire "Vera Rubin" GPUs and related equipment from Nvidia and lease them to SpaceX. Asset purchases will be made in tranches, with lease schedules of roughly 5.00 to 5.25 years.
Apollo and Goldman Sachs led the committed financing, with Goldman Sachs acting as structuring agent. Affiliates of BlackRock, Goldman Sachs Asset Management, and KKR also provided financing commitments. Per an October 26 8-K filing, SpaceX will pay rent equal to 5% of the financed cost of each tranche, plus a fixed annual rate on the outstanding balance.
SpaceX described the transaction as the largest-ever committed GPU financing, exceeding a $36 billion structured notes deal finalized this summer to purchase and lease GPUs to Anthropic. That earlier deal, backstopped by Broadcom, was led by Apollo and Blackstone.
The new GPUs will power Grok, xAI's large language model product, and support the company's terrestrial compute buildout. SpaceX has also announced plans for additional data centers in orbit. The transaction is expected to close before year-end, with leasing beginning in the first half of 2027. The report notes that private credit lenders have been increasingly interested in financing the data center boom, which some market participants view as a once-in-a-career investment opportunity.
Apollo and Goldman Sachs led the committed financing, with Goldman Sachs acting as structuring agent. Affiliates of BlackRock, Goldman Sachs Asset Management, and KKR also provided financing commitments. Per an October 26 8-K filing, SpaceX will pay rent equal to 5% of the financed cost of each tranche, plus a fixed annual rate on the outstanding balance.
SpaceX described the transaction as the largest-ever committed GPU financing, exceeding a $36 billion structured notes deal finalized this summer to purchase and lease GPUs to Anthropic. That earlier deal, backstopped by Broadcom, was led by Apollo and Blackstone.
The new GPUs will power Grok, xAI's large language model product, and support the company's terrestrial compute buildout. SpaceX has also announced plans for additional data centers in orbit. The transaction is expected to close before year-end, with leasing beginning in the first half of 2027. The report notes that private credit lenders have been increasingly interested in financing the data center boom, which some market participants view as a once-in-a-career investment opportunity.
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