And another one with a unique structure! xAI is raising $20B ($7.5B equity, $12.5B debt) via a special purpose vehicle to buy Nvidia GPUs for its Memphis Colossus 2 data center. Nvidia is investing up to $2B in equity. The SPV will rent out chips for 5 years, with debt backed by GPUs rather than the company. Valor Capital leads equity; Apollo and Diameter participate in debt.