US space and aerospace company SpaceX has reached an agreement with asset manager Apollo Global Management for approximately $40 billion in financing for graphics processing units (GPUs) and related equipment, aimed at expanding its artificial intelligence infrastructure. The company said it is the largest GPU financing ever committed.
According to a SpaceX statement, the company has made a binding commitment to sign a master lease agreement with an entity managed by Apollo Global Management. The funding is intended to secure the supply of Nvidia's next-generation Vera Rubin chips for use in SpaceX's terrestrial computing infrastructure.
The statement said SpaceX aims to build the world's largest computing infrastructure. Noting that demand for computing capacity continues to grow rapidly, the company said the lease agreement would diversify its funding sources and cover a significant portion of the financing needed for its growth plans.
The financing commitment is provided by a group of financial institutions led by Apollo and Goldman Sachs, which is acting as sole structuring adviser on the transaction. Funds managed by BlackRock and Goldman Sachs Asset Management, as well as capital accounts advised by KKR, have also made substantial financing commitments.
The lease agreement is subject to certain closing conditions, and the transaction is expected to be completed before the end of the year. The lease programmes are expected to begin with the delivery of the GPUs and related equipment in the first half of 2027.
