# SpaceX GPU lease cash clock

Public research package for the October 26, 2026 issue. The approximately $40bn is expected aggregate principal under a contemplated master finance lease, not confirmed funded cash. Primary sources and the historical statement rows are in `evidence.json`.

## Reproduce

Use Node.js 22 or later. No external dependency is needed for the calculation.

```text
node cash-clock.mjs
node cash-clock.mjs --write
node render-figures.mjs
node render-participants.mjs
```

The first command verifies financial identities, input rejection, payment conservation and scenario results. The second refreshes `results.json`; the third writes six original SVG figures. The fourth writes the updated participant map and its narrow companion. For PNG output, make `sharp` available (or set `AIC_SHARP_MODULE` to its installed module path), then add `--png` to either rendering command.

The October 26 issuer-release update identifies announced financing roles and NVIDIA Vera Rubin equipment. Participant amounts, instruments and manager-parent guarantees are not inferred. Hardware generation does not identify every contractual seller. The management payback statement has no defined capital or cash-flow basis in that release and is not an input to the model. Earlier `lease-structure` figures remain as 8-K-only historical views; the article now uses `capital-participants`.

## What the model means

Amounts are USD millions. Each cohort pays equal principal for twenty regular quarters beginning at commencement. Annual rates of 6%, 8% and 10% and quarter-boundary cohorts are illustrative, not quoted terms or probability judgments. Interest is calculated both before and after each scheduled principal payment; output ranges compare these two conventions only.

The disclosed approximate five-to-five-and-one-quarter-year terms are not reconstructed. Actual accrual mechanics, stubs, additional term, ongoing costs, taxes and early-exit provisions are excluded. No customer receipts or asset-level coverage are modeled. Moving the same cohort to a later quarter changes calendar-year cash but not its nominal twenty-payment total at the same rate.

## Historical cash scope

The January–September cash bridge is consolidated, not AI-only, and predates the October commitment. Cash PP&E is the cash-flow-statement row, not total accounting additions. IPO proceeds are included once; other financing is total financing cash less net IPO proceeds, not net debt. Net securities purchases subtract maturities and sales. The bridge cash increase includes restricted cash.

The separate September 30 cash-plus-current-securities stock excludes restricted cash and is not a dedicated Apollo reserve. The Valor failed sale-leaseback is a different transaction and does not determine Apollo accounting. No Anthropic contract or receivable is assigned to the Apollo pool by this analysis.

Figures may be reused with attribution to AI Infra Credit and a link to the report. Preserve dates, units, scenario labels and source notes.