SpaceX has reached a binding financial leasing agreement worth about $40 billion with a company run by Apollo Global Management. The deal will finance Nvidia graphics processors and related server equipment designed to expand the company's artificial intelligence computing infrastructure, Reuters and RBC reported.
According to Reuters, the Apollo-run company will buy the chips and equipment and then lease them to SpaceX. The total amount represents the principal payments under the leases, each of which will have a term of just over five years from the delivery of the equipment.
The contracts are due to commence in 2027.
SpaceX expects the deal to close by the end of 2026. Its entry into force remains subject to the fulfillment of certain conditions. The leases are expected to commence in the first half of 2027, when the chips and other equipment are delivered.
The agreement will provide SpaceX with next-generation Nvidia Vera Rubin chips. They are intended for the company's ground computing infrastructure, not for direct use in space.
“This lease diversifies our funding sources and covers a significant portion of the funds needed to execute our growth plans“, SpaceX said.
Discrepancy between Musk's statement and formal terms
A day earlier, Elon Musk said that SpaceX had closed a $40 billion debt financing to purchase GPUs. However, the company's formal announcement describes a binding commitment to enter into a financial lease, the closing of which is expected by the end of the year.
The financing is led by Apollo, with Goldman Sachs as the sole structuring agent. BlackRock, Goldman Sachs Asset Management and KKR have also made commitments.
Investments in the tens of billions
The deal comes amid a massive expansion of SpaceX's spending on computing power. The company's chief financial officer said that investments in artificial intelligence infrastructure have a payback period of less than a year, according to SpaceX's internal estimates.
The company expects its capital expenditures in the fourth quarter to be between $35 billion and $40 billion. The new funding should provide equipment for artificial intelligence and xAI services, while allowing SpaceX to retain more of its own funds for its other projects.
Reuters notes that the deal shows how much SpaceX is increasing its spending on computing power as it seeks to develop both its space business and its artificial intelligence-related areas.
Sources: rbc.ru, investing.com