The largest buyers lease.
The ~$40B SpaceX GPU finance lease with Apollo repays each tranche over ~5 years, and a $63B | Hanami
The largest buyers lease.
The ~$40B SpaceX GPU finance lease with Apollo repays each tranche over ~5 years, and a $63B vehicle will lease Broadcom chips to Anthropic.
Lenders now price compute as infrastructure.
Reply to @AethirCloud: Step 2: a lender funds the rest, secured by the contracted GPUs.
On a Microsoft deal, ~6% investment-grade debt plus prepayments covered 96% of GPU CapEx.
With a ~2-year payback, a 9% loan barely changes it.