{ "schema": "aic.spacex-gpu-cash-clock/1", "reviewed_on": "2026-10-26", "currency": "USD", "unit": "millions unless explicitly stated otherwise", "sources": { "lease_8k": { "url": "https://www.sec.gov/Archives/edgar/data/1181412/000110465926118614/tm2628247d1_8k.htm", "filed": "2026-10-26", "event": "2026-10-24", "locator": "Item 8.01 Other Events", "input_sha256": "7CD48510170F3E88F10492B956C976BA25896102E33AA9A2D210D8B2B98E9D02", "input_kind": "User-supplied filing HTML, text extracted without executing HTML" }, "q3_10q": { "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026066880/spcx-20260930.htm", "filed": "2026-10-22", "period_end": "2026-09-30", "locators": ["Consolidated Statements of Cash Flows page 9", "Consolidated Balance Sheets", "Note 17 Related Party Transactions", "Segment Information capital expenditures"] }, "issuer_release_oct26": { "url": "https://ir.spacex.com/updates/releases-details/2026/SPACEX-SECURES-40-BILLION-IN-THE-LARGEST-GPU-FINANCING-EVER-2026-EnDqGhTAB3/default.aspx", "published": "2026-10-26", "locators": ["Opening transaction description", "CFO Commentary", "Transaction Details"], "verification": "Issuer page read directly in browser; matching Apollo-hosted copy reviewed", "corroborating_url": "https://www.apollo.com/insights-news/pressreleases/2026/10/spacex-secures--40-billion-in-the-largest-gpu-financing-ever" } }, "issuer_release_additions": { "source": "issuer_release_oct26", "equipment_generation": "NVIDIA Vera Rubin", "contract_equipment_sellers": null, "named_roles": [ {"id": "apollo_lead", "name": "Apollo", "role": "Financing-group lead", "allocated_amount": null}, {"id": "goldman_lead", "name": "Goldman Sachs", "role": "Financing-group lead and sole structuring agent", "allocated_amount": null}, {"id": "blackrock_managed", "name": "Funds and accounts managed by BlackRock", "role": "Anchor commitments", "allocated_amount": null}, {"id": "gsam_managed", "name": "Funds and accounts managed by Goldman Sachs Asset Management", "role": "Anchor commitments", "allocated_amount": null}, {"id": "kkr_advised", "name": "Capital accounts advised by KKR", "role": "Anchor commitments", "allocated_amount": null} ], "instrument_allocation": null, "parent_guarantees_established_by_release": null, "status": "Commitments announced; entry remains subject to closing conditions", "management_payback": { "reported_description": "Sub-one-year payback periods", "scope": "SI infrastructure investments", "attribution": "CFO commentary in the issuer release", "claim_verified_in_source": true, "capital_base": null, "cash_flow_measure": null, "deployment_cohort": null, "link_to_proposed_lease_pool": null, "independently_verified_return_or_coverage": false }, "limits": [ "Managed or advised accounts are not synonymous with manager-parent balance sheets.", "Named roles do not allocate the $40bn among parties or specify security, seniority, instruments or tranche cash flows.", "Identification of chip generation does not identify every contractual equipment seller or a financing role for NVIDIA.", "The payback comment cannot be converted into a coverage ratio or annual cash-generation figure without its measurement basis." ] }, "disclosed_lease": { "status": "Binding commitment to enter a master finance lease; entry subject to closing conditions", "lessee": "Space Exploration Technologies Corp.", "lessor": "An entity managed by Apollo Global Management, Inc.", "equipment": "GPU pods and related equipment, acquired by lessor and leased to SpaceX", "expected_aggregate_principal": 40000, "tranche_term_years": [5, 5.25], "payment_frequency": "Quarterly in advance", "usual_principal_fraction_of_tranche_cost": 0.05, "interest": "Fixed annual rate applied to outstanding lease balance", "rate": null, "other_cash_components": "Certain ongoing costs and expenses", "pricing_sequence": "Rate set at pricing before entry into master lease", "expected_master_lease_entry": "Before year-end 2026", "expected_schedule_commencement": "First half of 2027 upon GPU delivery", "source": "lease_8k" }, "illustrative_model": { "label": "Payment scenarios, not final terms, a rate estimate or a forecast", "payments_per_tranche": 20, "start_convention": "Payments at commencement and each subsequent quarter; starts on quarter boundaries", "rates": [0.06, 0.08, 0.10], "interest_conventions": ["opening_balance", "after_principal"], "exclusions": ["Actual day-count and interest accrual mechanics", "Stub periods or extra term beyond 20 regular payments", "Ongoing costs and expenses", "Taxes", "Buyout, callability or early-termination mechanics", "Customer receipts", "Asset-level cash waterfalls"], "scenarios": [ {"id": "all_q1", "label": "All in Q1", "cohorts": [{"amount": 40000, "start_year": 2027, "start_quarter": 1}]}, {"id": "split", "label": "Half in Q1, half in Q2", "cohorts": [{"amount": 20000, "start_year": 2027, "start_quarter": 1}, {"amount": 20000, "start_year": 2027, "start_quarter": 2}]}, {"id": "all_q2", "label": "All in Q2", "cohorts": [{"amount": 40000, "start_year": 2027, "start_quarter": 2}]} ] }, "historical_cash_flow": { "source": "q3_10q", "scope": "Consolidated, not AI-only; nine months ended September 30, 2026; before the October lease commitment", "operating_rows": [ ["Net loss", -413], ["Depreciation and amortization", 8934], ["Share-based compensation", 3833], ["Deferred income taxes", -455], ["Unrealized (gain) loss on digital assets", 64], ["Unrealized gain on investments in unconsolidated affiliates, net", -532], ["Loss on debt extinguishment", 1545], ["Other", -254], ["Accounts receivable", -2882], ["Inventory", -1381], ["Prepaid expenses and other assets", -1305], ["Accounts payable", -970], ["Deferred revenue", 4922], ["Other liabilities, net", 1991] ], "operating_total": 13097, "investing_rows": [ ["Purchases of property, plant, and equipment (related party of $480 and $285 for September 30, 2026 and 2025, respectively)", -48069], ["Capitalized interest", -20], ["Proceeds from product rebates", 1372], ["Purchases of marketable securities", -46834], ["Maturities of marketable securities", 9158], ["Proceeds from sales of marketable securities", 77], ["Payments for intangible assets", -866], ["Cash received from acquisition of businesses", 514], ["Other investing activities, net", 57] ], "investing_total": -84611, "financing_rows": [ ["Principal repayments on finance leases", -270], ["Proceeds from debt and other financing obligations", 51834], ["Payment of debt issuance costs", -124], ["Repayments on debt and other financing obligations", -39845], ["Payment of debt extinguishment premium", -1153], ["Proceeds from issuance of capital stock, net of issuance costs", 8319], ["Proceeds from employee equity award plans", 368], ["Payments for repurchase of common and redeemable convertible preferred stock", -4426], ["Taxes paid related to net share settlement of equity awards", -559], ["Proceeds from IPO, net of underwriting commissions and offering costs", 85675] ], "financing_total": 99819, "fx": -43, "cash_increase_including_restricted": 28262, "opening_cash_including_restricted": 25124, "closing_cash_including_restricted": 53386 }, "september_30_balances": { "cash_and_equivalents": 51294, "current_marketable_securities": 38561, "restricted_cash_current": 555, "restricted_cash_noncurrent": 1537, "scope_note": "Do not add the cash-flow statement closing balance to these stocks. The current marketable securities balance excludes long-term investments. No balance is represented as a reserve pledged to the Apollo lease.", "source": "q3_10q" }, "segment_cash_capex_nine_months": {"Space": 3832, "Connectivity": 4242, "SI": 39995, "total": 48069, "source": "q3_10q"}, "separate_valor_transaction": {"current_debt": 2181, "noncurrent_debt": 10716, "accounting": "Failed sale-leaseback; assets remain in PP&E", "source": "q3_10q", "limit": "This is not the Apollo transaction and does not determine its final accounting."}, "claim_limits": [ "The 8-K does not establish executed final pricing, full funding or operating capacity.", "No specified Anthropic receivable or GPU pool is mapped to the Apollo lease.", "An Apollo-managed entity is not an established Apollo-parent guarantee.", "Legal asset ownership alone does not establish off-balance-sheet accounting.", "Historical consolidated cash flows do not establish future asset-level debt-service coverage." ] }