{"id":660469,"date":"2026-10-29T08:46:18","date_gmt":"2026-10-29T08:46:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/660469\/"},"modified":"2026-10-29T08:46:18","modified_gmt":"2026-10-29T08:46:18","slug":"spacexs-40-billion-gpu-lease-wont-affect-its-credit-rating","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/660469\/","title":{"rendered":"SpaceX\u2019s $40 billion GPU lease won\u2019t affect its credit rating"},"content":{"rendered":"\n

Investing.com — Fitch Ratings said Wednesday that Space Exploration Technologies Corp.’s BBB+ rating will remain unchanged following the company’s binding commitment to an approximately $40 billion master finance lease for graphics processing units and related equipment. <\/p>\n

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The transaction aligns with Fitch’s rating case and will finance compute capacity already included in the ratings agency’s June 2026 forecast. SpaceX announced Monday it reached the binding commitment with an entity managed by Apollo Global Management, Inc. to lease next-generation NVIDIA Vera Rubin chips for its terrestrial compute buildout. <\/p>\n

The lease increases SpaceX’s lease payments, which Fitch does not add to its primary leverage metrics as debt. The ratings agency will calculate lease-adjusted leverage and use it as a supplemental measure going forward. Fitch expects to treat the lease consistently with other equipment lease financings under its Corporate Rating Criteria, excluding the balance from debt and reflecting lease amortization and interest as a reduction to Fitch-calculated EBITDA. <\/p>\n

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SpaceX expects to close the lease before year-end 2026, with equipment delivered in the first half of 2027. The financing has been committed to by several parties led by Apollo and Goldman Sachs, who served as sole structuring agent. Funds managed by BlackRock, Goldman Sachs Asset Management, and capital accounts advised by KKR also made anchor commitments. <\/p>\n

One Super Intelligence customer accounted for 34.5% of consolidated revenue in the third quarter of 2026 and 24.2% year-to-date, up from below 10% a year earlier. Cloud services contracts typically run for three years but are terminable by either party on 90 days’ notice. <\/p>\n

Nameplate compute rose to 1.7 gigawatts at Sept. 30, 2026, up from 0.6 gigawatts a year earlier. Fitch’s rating case assumes average nameplate compute of 5.0 gigawatts in 2027 and 9.5 gigawatts in 2028. SI revenue rose to $7.6 billion in the third quarter of 2026 from $0.8 billion a year earlier, driven by a $6.7 billion increase in SI solutions and infrastructure revenue as cloud services agreements activated. <\/p>\n

Fitch forecasts EBITDA leverage of 1.5 times at year-end 2026, declining to approximately 1.0 times in 2027. The forecast reflects revenue approaching $50 billion in 2026 and $200 billion in 2027, with EBITDA margins approaching 70% over the forecast period. <\/p>\n","protected":false},"excerpt":{"rendered":"Investing.com — Fitch Ratings said Wednesday that Space Exploration Technologies Corp.’s BBB+ rating will remain unchanged following the…\n","protected":false},"author":2,"featured_media":660470,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[6638,114,357,184,268,13368,85,4141,13516,9445,46,2450,8553,9331,266,13517,4861,688,141,145,5615,13369,13370,5268,13518,270,13519],"class_list":["post-660469","post","type-post","status-publish","format-standard","has-post-thumbnail","category-space","tag-401k","tag-business","tag-business-news","tag-economy","tag-finance","tag-financial-information","tag-il","tag-investing","tag-investment-tools","tag-investor","tag-israel","tag-market-news","tag-mortgage","tag-mutual-funds","tag-personal-finance","tag-quote","tag-real-estate","tag-retirement","tag-science","tag-space","tag-stock","tag-stock-research","tag-stock-valuation","tag-stocks","tag-suze-orman","tag-tax","tag-track-portfolio"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/660469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=660469"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/660469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/660470"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=660469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=660469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=660469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}