Not Guppy-Level
On October 24, SpaceX committed to a $40 billion GPU lease with an Apollo-managed lessor. With xAI's leases, one borrower group now holds $53.3 billion of GPU-backed debt. Every other borrower holds $55.0 billion.
- → The size
- → The terms
- → What we count
01 The Size
SpaceX's $40 billion lease with an Apollo-managed lessor is the largest GPU-backed financing on our ledger. It is 4.7 times the next-largest, CoreWeave's $8.5 billion DDTL 4.0, signed in March. It also exceeds the $35.6 billion of principal CoreWeave owed across all its debt at June 30, 2026. It equals 59% of the other 42 deals on the ledger combined.
SpaceX already carries xAI's three Valor equipment leases, recorded at $13.3 billion. SpaceX books all three as failed sale-leasebacks. Together the group holds $53.3 billion. The other 39 loans, across every other borrower, total $55.0 billion.
One borrower group, and every other GPU loan
GPU-backed debt since 2023
The largest GPU-backed deals
Sizes are committed amounts at signing, from the /credit ledger on 2026-10-26. xAI's Valor leases use recorded lease debt. The SpaceX lease has not closed.
02 The Terms
SpaceX signed a binding commitment letter to enter a master finance lease. The lessor buys GPU pods and related equipment itself and leases them to SpaceX for data centers SpaceX selects. The filing describes no sale and leaseback by SpaceX, the structure behind xAI's Valor leases. The GPUs arrive in tranches. Each tranche has its own lease schedule of about five to five and a quarter years.
Rent is paid quarterly in advance. Each payment is one-twentieth of the tranche's financed cost, plus interest at a fixed rate on the balance, plus certain costs. The rate is set at pricing, before the lease is signed. Twenty quarterly payments repay the full cost. The lessor recovers its money inside five years.
Closing is expected before year-end. The schedules start as GPUs are delivered in the first half of 2027. SpaceX's release says the lease will deliver NVIDIA Vera Rubin chips.
Apollo and Goldman Sachs lead the financing parties, with Goldman as sole structuring agent. Funds managed by BlackRock and Goldman Sachs Asset Management, and accounts advised by KKR, made anchor commitments.
03 What We Count
This note counts debt secured by GPUs: loans and leases where the filing names the GPUs or the equipment around them as collateral. The ledger holds 43 such instruments, signed since 2023.
Two large pools sit outside that count. Microsoft, Alphabet, Amazon, Meta and Oracle pay for their chips with cash flow and unsecured bonds. Their filings show no pledged GPUs, so their borrowing does not appear here.
TPU leases sit outside it too. Anthropic's S-1 discloses two Broadcom TPU equipment leases with about $161 billion of rent. GPUs rent from dozens of providers at posted hourly prices, which we capture daily. TPUs rent from Google Cloud alone, so there is no market price to mark them against.
04 The Record
The lease is entered in the compute credit tracker as a commitment. It joins the issuance totals when it closes.
Sources: Space Exploration Technologies Corp., Form 8-K Item 8.01 filed October 26, 2026 (SEC accession 0001104659-26-118614); SpaceX release "SpaceX Secures $40 Billion in the Largest GPU Financing Ever" (October 26, 2026); Anthropic, PBC, Form S-1 filed October 26, 2026 (SEC accession 0001628280-26-067168), Infrastructure Equipment Leases. Deal sizes: CCIR compute credit tracker, GPU-backed class, as of 2026-10-26.