Manuel Martos

SpaceX has officially announced that they have secured $40 billion in the largest GPU financing ever. The company entered into a $40B master finance lease for GPUs and related equipment with an entity managed by Apollo Global Management. This lease will deliver the next generation of NVIDIA Vera Rubin chips for SpaceX's terrestrial compute buildout and is an important step in our plan to build a Super Intelligence future. It represents the largest committed GPU financing ever. SpaceX CFO Bret Johnsen: "SpaceX aims to deploy the largest compute infrastructure in the world. As demand for compute continues to accelerate, we're seeing less than one year payback periods on our SI infrastructure investments. This lease diversifies our funding sources and addresses a notable portion of the funding required to deliver on our growth plans as we aim to get additional compute online at record speeds to power Grok for enterprises and consumers, as well as serve existing and future cloud services customers." Transaction Details: The financing has been committed to by a number of financing parties led by Apollo and Goldman Sachs, who served as sole structuring agent. Entry into the lease remains subject to certain specified closing conditions and is expected to close prior to year-end 2026, with lease schedules expected to commence upon delivery of GPUs and related equipment in the first half of 2027.

Anthropic has officially revealed in its IPO filing today that the company expects to spend up to $120.5 billion on @SpaceX SI compute through 2029. • Monthly payments up to $3.1B, or $37.2B annually. • SpaceX is expected to deliver all contracted computing capacity by Dec 2026. • Anthropic (and SpaceX) can terminate the agreements with 90 days' notice after the initial contract periods end in early 2027. Here's the exact wording directly from the filing: "Between May and October 2026, we entered into and amended several agreements with SpaceXAI to access compute powered by Nvidia GPUs. Under the SpaceXAI arrangements, we agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029, consisting of approximately $3.1 billion in the aggregate per month once all capacity has been delivered, which we expect in December 2026, with different fees during capacity ramping periods. Following initial non-cancelable periods ending in January 2027 and March 2027 under the respective agreements, each agreement may be cancelled by either party upon 90 days’ advance written notice."

NHTSA announced today that they are proposing new rules aimed at removing U.S. federal regulatory barriers for autonomous vehicles without steering wheels or pedals, such as @Tesla's Cybercab. The proposed changes include: • Eliminating requirements for manually operated turn signal controls in vehicles without steering wheels or pedals: "NHTSA has concluded that the self-canceling and manually operated control requirements in the current standard are unnecessary for turn signal operating units that are installed on vehicles without manually operated driving controls." • Allowing autonomous driving systems to control turn signals, hazard lights, and high/low beams without traditional driver-operated switches. • Removing certain dashboard indicator requirements for turn signals and high beams in vehicles without manual driving controls. • Allowing optional cyan-colored exterior lights to indicate when a vehicle is operating autonomously, with standardized requirements for their placement, brightness, and operation. • Eliminating outdated restrictions on vertical headlight arrangements, giving automakers greater design flexibility. • Allowing modern integrated headlights to be tested at manufacturer-specified voltages rather than requiring 12.8 volts. NHTSA says the changes are intended to eliminate unnecessary regulatory barriers, reduce costs, and enable innovation without compromising vehicle safety.

SpaceX has just officially received FCC approval to acquire three additional spectrum licenses from Tristar to expand its upcoming next-gen @Starlink Mobile network. The licenses cover 15 MHz of spectrum in the 1695–1710 MHz band. The FCC also granted waivers allowing SpaceX to use the spectrum for satellite communications instead of building traditional cell towers. This approval comes just two weeks after SpaceX announced an agreement to acquire nationwide 800 MHz low-band spectrum to improve indoor coverage and outlined plans to combine its satellite constellation with terrestrial infrastructure. Starlink Mobile will become the first network operator to deploy both satellite and terrestrial spectrum: "One network that provides Americans with a reliable service indoors, outdoors, in cellular dead zones, and everywhere in between."

Here are the most important highlights from @Tesla's Q3 2026 earnings call: • Tesla's 2027 Megapack production capacity is nearly sold out. • Tesla is aiming to produce 5 million vehicles annually by 2030. • Customers are increasingly visiting Tesla showrooms specifically to experience FSD rather than shopping for a particular vehicle model. • Tesla said more than 75% of new North American vehicle deliveries included a paid FSD subscription signup, despite every vehicle already coming with a free one-month trial. • FSD financial disclosure: Tesla plans to disclose additional FSD financial and operating metrics as the business scales, including subscription revenue and churn rates. • Elon said Tesla is hoping for EU-wide FSD approval within a few months and would be surprised if approval takes longer than Q1 2027, although the timing depends on regulators. • Unsupervised FSD for customer vehicles: Tesla expects to enable some customer-owned vehicles to participate in its autonomous Robotaxi network around Q2 2027, subject to fleet-management and geofencing requirements. • Tesla is developing its own AI-based mapping and navigation system that will rely on intelligence gathered from its vehicle fleet rather than traditional third-party mapping systems. The system will support conversational voice commands, personalized routing preferences, improved parking, and more intelligent destination handling. •  Tesla plans to launch Cybercab service in Dallas in November 2026, followed by additional cities. • Tesla plans to progressively extend robotaxi operating hours, with the goal of reaching 24/7 service by the end of 2026. Tesla expects to expand service to highways, higher-speed roads, additional weather conditions, and nighttime operations by the end of 2026. • Elon expects Robotaxi to begin making a noticeable contribution to Tesla's financial results around Q2 2027, potentially becoming a significant business by Q3 or Q4 2027. • Tesla is targeting the first deliveries of Cybercabs to fleet owner customers by the end of 2026, but Elon said the vast majority of Cybercabs will be Tesla-owned and operated as transportation-as-a-service vehicles rather than sold directly to consumers. • Tesla has started early Optimus production. Elon said: "The growth of Optimus is an S curve, but the initial curve is a shallow slope. There's still some things we need to tweak about the design. There's still quite a lot of work to do with the AI in the robot. I would expect that the AI, the electromechanical design, reliability, usage life, expect these issues to be solved by the end of next year." • Elon said most of the equipment for an Optimus production line designed to manufacture approximately 1 million robots annually is already at Fremont. Elon expects it will take at least another year, possibly longer, to reach an annualized production rate of approximately 1 million Optimus robots, equivalent to roughly 20,000 per week. • Elon said Tesla may release a new Optimus V3 demonstration video within one or two months, saying that it should show genuinely AI-driven tasks rather than preprogrammed movements. • Tesla is targeting mid-2027 to integrate its AI5 chip into Optimus. • Management said Optimus production costs are trending toward the expected manufacturing cost of Cybercab, although the robot's design is still being refined. • Tesla hopes to manufacture its first experimental semiconductor chips around May or June 2027. Tesla is targeting useful chip production at volume in Terafab around Q3 2028. • Management expects higher Megapack average selling prices and further improvements in gross margins (currently 33%) as production expands.