InfraCompute / Deals
xAI: Colossus 2 GPU SPV
GPU-backed loan for xAI, US$12.5bn, October 2025.
Key terms
- Borrower or issuer
- xAI
- Date
- October 2025
- Structure
- GPU-backed loan
- Amount
- US$12.5bn
- Pricing
- Not disclosed
- Tenor
- 5-yr GPU lease to xAI
What’s notable
A US$12.5bn GPU vehicle with Valor leading the equity, Apollo and Diameter providing debt and NVIDIA committing up to US$2bn of equity. The GPUs sit in an SPV and are leased to xAI for five years, so lenders look to the chips and the lease rather than xAI's corporate balance sheet.
Recorded terms
- Lender type
- Private creditNamed lender: Apollo and Diameter (debt)
- Tenor
- 5-yr GPU lease to xAI
- Security
- NVIDIA GPUs (not xAI corporate assets)
- Lenders and arrangers
- Valor (equity lead), Apollo and Diameter (debt), NVIDIA (up to US$2bn equity)
- Tenant or offtaker
- xAI (lessee)
Similar financings
Same structure, other borrowers, closest in date.
More from xAI
For counsel on this deal
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Sources
- xAI Colossus 2 GPU SPVSource date: 2025-10
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
