Credit · Tracked as filed as of 2026-08-09

xAI

CCIR tracks 4 instruments issued by xAI: lease, bond. Every row traces to a primary document. Sizes are as filed and are not additive across the capital stack.

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-arranged chip-lease vehicle	Apollo second tranche	3,400	Undisclosed
Valor Equity Partners SPV program	Valor GPU SPV program (context)	20,000	Undisclosed
Valor Compute Infrastructure LP	Apollo $3.5B capital solution → Valor Compute Infrastructure LP	3,500	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

Apollo second tranche

Lease $3,400m Undisclosed Reported 2026-02-09, "near final" — no Apollo close PR found (re-checked 2026-08-09: still none)

Borrower: Valor-arranged chip-lease vehicle
Seniority: GPU lease SPV (similar structure)
Maturity: Undisclosed
Collateral: Similar GPU lease SPV
Lenders: Apollo · Valor-arranged chip-lease vehicle
Terms: ~$3.4B (Apollo total → ~$7B)

Source: The Information; Reuters pickup · document

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: SPV buys NVIDIA GPUs, leases to xAI ~5 yrs with purchase option (lease-to-own); Colossus 2
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

Source: Bloomberg Oct 16, 2025; The Information — program scale partly RUMORED; Jan/Feb 2026 Apollo tranches are the confirmed transactions under it · document

Apollo $3.5B capital solution → Valor Compute Infrastructure LP

Lease $3,500m Undisclosed Closed; PR 2026-01-07 (funds provided ~Nov 2025 per The Information)

Borrower: Valor Compute Infrastructure LP (Valor-managed SPV; lessor)
Seniority: GPU-backed, asset-based SPV; off xAI's balance sheet
Maturity: Undisclosed
Collateral: VCI LP acquires GB200 compute and leases to an xAI subsidiary under triple-net lease; supports xAI's second data center (press ties to Colossus 2, Memphis). No "Diablo" site corroborated — treat that name as unverified
Lenders: Apollo (capital solution) · NVIDIA anchor LP + Valor investors (equity side)
Terms: $3.5B Apollo-managed funds backing a $5.4B total transaction

Source: Apollo press release · 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: Not captured
Collateral: Specific collateral pool undisclosed; Colossus (Memphis) buildout
Lenders: Morgan Stanley (arranger)
Pricing: Notes 12.5% (raised from 12%); fixed TL 12.5%; TLB SOFR+7.25 @ 96 OID (from S+700 @ 97). Pricing press-reported (Reuters); maturities not captured. Bloomberg reported (Mar 2, 2026) post SpaceX–xAI combination plan to repay ~$17.5B of X/xAI debt in full — press
Terms: Oversubscribed; $3B notes + $1B fixed TL + $1B TLB

Source: Morgan Stanley statement (completion); Reuters (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.