SpaceX locks in $40B GPU financing deal with Apollo

According to TechCrunch, SpaceX has secured a binding commitment for roughly $40 billion in financing for AI chips and data center equipment, per a Monday regulatory filing. Apollo Global Management will buy the hardware and lease it to SpaceX for about five years per tranche, with closing expected by year-end and leases starting in the first half of 2027. SpaceX says the lease diversifies funding and covers a significant portion of growth plans, with less than one-year payback on AI infrastructure for Grok and cloud services. Apollo says the deal will deliver Nvidia's next-generation Vera Rubin chips for SpaceX's terrestrial compute buildout.

The deal follows a quarter where SpaceX's AI segment — Grok, Cursor, and cloud compute — brought in $7.6 billion of $14.6 billion revenue, surpassing Starlink and launches combined. CapEx jumped to nearly $20 billion, with $35 billion to $40 billion projected for the fourth quarter. Musk cited SpaceX's investment-grade status and Starlink cash flow, arguing debt markets are closed to pure-play AI compute firms and predicting consolidation among over 200 neocloud companies.

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SpaceX locks in $40B GPU financing deal with Apollo — TechCrunch