Apollo-managed funds lead $3.5 billion financing for Valor Compute Infrastructure
The January 2026 capital solution supported GPU infrastructure leased to an xAI subsidiary through a separate investment fund.
Apollo-managed funds and affiliates led a $3.5 billion capital solution for Valor Compute Infrastructure L.P., announced on 7 January 2026. The financing supported a $5.4 billion acquisition and lease of computing infrastructure to an xAI subsidiary.
VCI, a fund managed by Valor Equity Partners, owns the computing assets, including NVIDIA GB200 GPUs. The transaction uses a triple net lease structure to provide capacity for xAI’s model training and Grok development.
NVIDIA invested in VCI as an anchor limited partner alongside institutional investors. The financing concerns the infrastructure fund and its equipment, while xAI is the user of the leased capacity.
Use of funds
Finance acquisition and lease of GPU infrastructure to an xAI subsidiary