Space Exploration Technologies Corp. entered into a binding commitment letter to enter …

Space Exploration Technologies Corp. entered into a binding commitment letter to enter into a master finance lease with an entity managed by Apollo Global Management, Inc., pursuant to which the Lessor will acquire and lease to the Company certain graphics processing unit pods and related equipment for use at data centers selected by the Company. Under the contemplated master finance lease, the Equipment will be delivered in tranches, each of which will be subject to a separate lease schedule with a term of approximately five to five and one-quarter years from the applicable commencement date. Rent under each lease schedule will be payable quarterly in advance and will generally consist of an amount equal to one-twentieth of the financed cost of the applicable tranche, together with an amount calculated at a fixed rate per annum on the outstanding lease balance and certain ongoing costs and expenses; the fixed rate will be determined at pricing which will occur prior to the Company’s entry into the master finance lease. The Company expects aggregate principal payments under the lease schedules over their respective terms to total approximately $40 billion. The Company’s entry into the master finance lease with the Lessor is subject to certain specified closing conditions and is expected to close prior to year end. The lease schedules are expected to commence during the first half of 2027 upon delivery of the GPUs. | $SPCX