SpaceX’s new SEC filing reveals a binding $40B commitment to lease Nvidia GPUs from Apollo.

The Apollo vehicle will buy the pods and related equipment with private bonds, then lease each delivered tranche to SpaceX.

Quarterly rent covers 5% of each tranche’s cost plus fixed-rate interest still to be priced, clearing principal within 5 to 5.25 years.

Closing is expected by year-end, with leases starting as GPUs arrive in the first half of 2027.

SpaceX calls it the largest committed GPU financing, ahead of a $36B notes deal used to buy and lease GPUs to Anthropic.