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According to sources familiar with the matter, Apollo Global Management, a Wall Street private credit giant, is close to finalizing a deal to provide approximately $3.4 billion in loans to an investment vehicle that will be used to purchase Nvidia chips and lease them to Elon Musk's xAI company. This marks Apollo's second major investment in such a vehicle, following a $3.5 billion loan in November. Additionally, Apollo plans to make an equity investment in the new investment vehicle, which aims to raise $5.3 billion in equity and debt funding. The investment could be finalized as soon as this week, aiming to ease financial pressure on xAI. Financial documents reveal that xAI burned through over $1 billion per month in the first nine months of 2025, spending $7.8 billion on property and equipment purchases during the period.
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