Apollo Global Management disclosed an approximately $40 billion GPU equipment financing commitment for Spacex on Oct. 26, 2026. Spacex entered a binding commitment for a lease, but the deal is expected to close before year-end only if specified conditions are met. An Apollo-managed entity would buy GPUs and related hardware for Spacex to lease; the roughly $40 billion figure is the expected total of principal payments across equipment batches.
Elon Musk had said Spacex “closed $40B of debt for GPUs,” but Apollo’s later disclosure describes a lease commitment that has not yet closed. Musk expected chip deliveries in the first and second quarters of 2027 and predicted that many specialized AI cloud providers would fail or consolidate.
