Apollo Global Management is close to finalizing a roughly $3.4 billion loan to an investment vehicle that plans to buy Nvidia chips and lease them to Elon Musk's xAI, The Information reported Monday, citing a person familiar with the matter.
Less than a week ago, Musk announced that SpaceX acquired the artificial intelligence company he also leads in a deal that values the rocket and satellite company at $1 trillion and the AI outfit at $250 billion.
Big tech companies are expected to spend more than $600 billion this year to buy advanced chips and build out massive data centers needed to deploy and train AI systems.
The investment could be finalized as soon as this week and Valor Equity Partners, a longtime investor in Musk's companies, is arranging the deal, the report said.
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