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Valor Compute Infrastructure for xAI
The vehicle owns Nvidia GPUs and leases them to an xAI subsidiary on a triple-net lease, so xAI uses the chips without booking the full purchase. Nvidia put in about $1.9B of equity and booked the chip sale as revenue.
- Size
- $5.4B · Raised through the vehicle. Apollo funds led $3.5B of it as debt.
- Date
- · January 2026. A wider $20B plan was reported on Oct 8, 2025.
- Type
- Chip lease vehicle
- Status
- Closed
Who does what
- Apolloits funds led $3.5B of debt
- Diameter Capitalnamed in the debt tranche of the 2025 plan
- Nvidiasells the chips, about $1.9B of equity
- xAIleases the chips through a subsidiary
What we don’t know
- Lease rate
- The rest of the debt syndicate
Sources
- Michael Burry Just Called Nvidia's SpaceX Chip Deal 'Fugazi.' Here's Why It All Seems Wrong 24/7 Wall St. via Yahoo Finance · Jun 1, 2026
- Nvidia to invest $2bn in xAI Verdict, citing Bloomberg · Oct 8, 2025
We opened each of these on Oct 30, 2026.
See it on the debt map. Not financial advice.