Credit · Tracked as filed as of 2026-09-25

xAI

CCIR tracks 5 instruments issued by xAI: lease, bond. Every row traces to a primary document.

Capital stack by borrower

Which entity owes what, as filed. Facilities raised in a subsidiary sit on that subsidiary's assets; the parent's own paper sits beside them, senior to nothing below it.

Borrower	Instrument	Size $m	Rate
Valor Equity Partners SPV program	Valor GPU SPV program (context)	20,000	Undisclosed
CTC Property LLC	Valor compute lease III (CTC Property LLC, five-year equipment lease)	3,457	Undisclosed
	Valor compute lease II (CTC Property LLC, failed sale-leaseback)	5,365	Undisclosed
	Valor compute lease I (CTC Property LLC, failed sale-leaseback)	4,507	Undisclosed
xAI (parent level)	Morgan Stanley-led secured debt package ($3B senior secured notes + $1B fixed-rate TL + $1B TLB)	5,000	12.5%

Instruments

Valor GPU SPV program (context)

Lease $20,000m Undisclosed Reported 2025-10-16

Borrower: Valor Equity Partners SPV program
Seniority: SPV lease structure
Maturity: ~5-yr lease horizon
Collateral: SPVs buy NVIDIA GPUs and lease them to xAI for about 5 years; Colossus 2. Press described a purchase option (lease-to-own). The three filed Valor leases show no purchase-option price, residual value guarantee or market-value reference.
Lenders: Valor Equity Partners SPV · Apollo + Diameter named as prospective debt backers
Pricing: ~5-yr lease horizon
Terms: ~$20B program: ~$12.5B debt + ~$7.5B equity (incl. up to $2B NVIDIA) — program scale partly rumored; no confirmed close of the full program through 2026-08-09. DISTINCT from xAI's $20B Series E equity round (closed 2026-01-06, xAI PR) — do not conflate Filed (SpaceX Q2-26 10-Q, Notes 9 and 17): at 6/30/26, debt recorded for equipment leases with Valor was $2,039M current plus $11,290M non-current, across three failed sale-leasebacks ($455M plus $4,052M at 12/31/25). Interest expense on these leases was $327M in Q2-26 and $513M in 1H26. The April 2026 lease's own principal is not stated. Valor is a related party: its founder Antonio Gracias is a SpaceX director. The filing does not state a program size. Filed leases are tracked as three rows (xai-apollo-vci, xai-valor-lease-2, xai-valor-lease-3; $13,329M at 2026-06-30). This program row stays out of totals.

Source: Bloomberg Oct 16, 2025; The Information (program scale partly RUMORED; Jan/Feb 2026 Apollo tranches are the confirmed transactions under it); SpaceX Q2-26 10-Q filed 2026-08-04, acc 0001628280-26-052535, Notes 9 and 17 (filed lease debt) · document

Valor compute lease III (CTC Property LLC, five-year equipment lease)

Lease $3,457m Undisclosed Entered 2026-04-24

Borrower: CTC Property LLC (xAI subsidiary; lessee). Lessor: Valor Compute Infrastructure LP
Seniority: GPU-backed, asset-based SPV lease; the filed Valor lease is recorded as debt on the xAI (SpaceX) balance sheet
Maturity: Undisclosed
Collateral: GPU compute equipment owned by the Valor-managed lessor and leased back to CTC Property LLC, an xAI subsidiary. Booked by SpaceX as a failed sale-leaseback, so the lease is recorded as debt. Lease payments are guaranteed by Space Exploration Technologies Corp. or one of its subsidiaries (424B4). No residual value guarantee, purchase-option price or market-value reference appears in the filings.
Offtaker: xAI subsidiary (triple-net lease)
Lenders: Valor Compute Infrastructure LP (lessor)
Terms: DERIVED, not filed: $13,329M total Valor lease debt at 2026-06-30 (Q2 10-Q) less $4,507M (lease I) and $5,365M (lease II) as filed. It understates this lease slightly, since leases I and II have amortized. Undiscounted payments $6,587M (424B4).

Source: SpaceX Q2-2026 10-Q (acc 0001628280-26-052535); SpaceX 424B4 (acc 0001628280-26-042639) · document

Valor compute lease II (CTC Property LLC, failed sale-leaseback)

Lease $5,365m Undisclosed Entered 2026-02-18

Borrower: CTC Property LLC (xAI subsidiary; lessee). Lessor: Valor Compute Infrastructure LP
Seniority: GPU-backed, asset-based SPV lease; the filed Valor lease is recorded as debt on the xAI (SpaceX) balance sheet
Maturity: Undisclosed
Collateral: GPU compute equipment owned by the Valor-managed lessor and leased back to CTC Property LLC, an xAI subsidiary. Booked by SpaceX as a failed sale-leaseback, so the lease is recorded as debt. Lease payments are guaranteed by Space Exploration Technologies Corp. or one of its subsidiaries (424B4). No residual value guarantee, purchase-option price or market-value reference appears in the filings.
Offtaker: xAI subsidiary (triple-net lease)
Lenders: Valor Compute Infrastructure LP (lessor) · Apollo funds (lessor's first-lien loan)
Terms: $5,365M of lease debt recorded on the lease amended 2026-02-18; undiscounted payments $6,633M (424B4). The lessor's first-lien loan for this lease (VCI Asset Holdings 2) is 7.38% fixed, due 2031-02-18, held by Apollo funds (N-CSRS). Lease signed January 2026, amended 2026-02-18. Apollo's release ('Second Data Center': $3.5B on a $5.4B GPU purchase) likely maps here; the link rests on matching dates.

Source: SpaceX 424B4 (acc 0001628280-26-042639); SpaceX Q2-2026 10-Q (acc 0001628280-26-052535) · document

Valor compute lease I (CTC Property LLC, failed sale-leaseback)

Lease $4,507m Undisclosed Entered 2025-11-10

Borrower: CTC Property LLC (xAI subsidiary; lessee). Lessor: Valor Compute Infrastructure LP
Seniority: GPU-backed, asset-based SPV lease; the filed Valor lease is recorded as debt on the xAI (SpaceX) balance sheet
Maturity: Undisclosed
Collateral: GPU compute equipment owned by the Valor-managed lessor and leased back to CTC Property LLC, an xAI subsidiary. Booked by SpaceX as a failed sale-leaseback, so the lease is recorded as debt. Lease payments are guaranteed by Space Exploration Technologies Corp. or one of its subsidiaries (424B4). No residual value guarantee, purchase-option price or market-value reference appears in the filings. Apollo's release ties this lease to NVIDIA GB200 GPUs. X.AI Corp. also guarantees certain of CTC's obligations (424B4 Note 10).
Offtaker: xAI subsidiary (triple-net lease)
Lenders: Valor Compute Infrastructure LP (lessor) · Apollo-managed funds (loan to the lessor) · NVIDIA anchor LP (lessor equity, per Apollo release)
Terms: $4,507M of lease debt recorded at 2025-12-31 ($455M current plus $4,052M non-current; SpaceX Form S-1). Undiscounted lease payments $6,986M over the term (424B4). An Apollo fund holds the lessor's first-lien loan for this lease (VCI Asset Holdings 1, 10.00% fixed, due 2030-11-20; N-CSRS); it sits on the same GPUs one layer down and is not counted again here. Signed 2025-10-12, amended 2025-11-10. Apollo's $3.5B on a $5.4B purchase likely maps to lease II. The three Valor leases total $13,329M of debt at 2026-06-30 (Q2 10-Q).

Source: SpaceX Form S-1 (acc 0001628280-26-036936) Notes 10 and 18; SpaceX 424B4 (acc 0001628280-26-042639); Apollo press release 2026-01-07 · document

Morgan Stanley-led secured debt package ($3B senior secured notes + $1B fixed-rate TL + $1B TLB)

Bond $5,000m 12.5% Entered 2025-07-01

Seniority: Corporate-level secured
Maturity: 2030-06-30 — All three tranches due 2030-06-30 (SpaceX Form S-1). Repaid in March 2026 from the SpaceX Bridge Loan.
Collateral: Specific collateral pool undisclosed; Colossus (Memphis) buildout
Lenders: Morgan Stanley (arranger)
Pricing: Filed: notes and fixed TL 12.50%; floating TL Term SOFR + 7.25% (or ABR + 6.25%). Call prices 106.25% before 2027-07-15, then 103.13% before 2028-07-15 (SpaceX Form S-1). TLB OID of 96 (from S+700 at 97) is press-reported (Reuters).
Terms: Oversubscribed; $3B notes + $1B fixed TL + $1B TLB. Notes issued at 100% of principal. REPAID IN FULL in March 2026 with proceeds of the $20,000M SpaceX Bridge Loan (dated 2026-03-02, Goldman Sachs Bank USA as agent). The exact repayment day is not stated. SpaceX booked a $1,526M loss on extinguishment in Q1 2026, which also covers the repaid X term loans. xAI is now a SpaceX subsidiary (SpaceX Form S-1).

Source: SpaceX Form S-1 filed 2026-05-20, acc 0001628280-26-036936, Note 10 Debt (terms, maturity, repayment); Morgan Stanley statement 2025-07-01 (completion); Reuters (TLB pricing) · document

Collateral classes on this page: out, gpu, secured_undisclosed. The full ledger, with every issuer and the derived credit series, is on Compute Credit.