Apollo Global Management
Alternative asset manager that lends against GPU fleets and data centres, often through leases.
- Growth
- Committed $3.5B toward a $5.4B deal for Nvidia chips leased to xAI (reported)
- Based in
- New York, US
- Founded
- 1990
- Listed
- Public (APO)
It has deployed over $40B into infrastructure since 2022, and its executives say AI debt has only started.
Its chip-backed loans depend on the value of used GPUs, which can fall fast.
Money coming in
Who pays Apollo Global Management, and for what.
No customers of Apollo Global Management mapped yet.
Money going out
Who Apollo Global Management pays to do what it does.
lends toward the purchase of Nvidia GB200 chips leased to an xAI subsidiary
alternativeswatch.com
Where it sits on the map
Competitors and neighbours
Infrastructure investor that owns power and data centre assets, and runs a $100B AI infrastructure program.
AI infrastructure program of up to $100B, with $10B equity target and $5B committed (launched with Nvidia and KIA)
Open profilePrivate credit and investment firm that funds data centres and their leases, with a large Meta joint venture.
Took 80% of Meta's Hyperion data centre joint venture
Open profileLarge bond investor, owned by Allianz, that buys the debt behind AI data centres.
BlackRock took $3B of the Hyperion bonds
Open profileUS data centre operator owned by Blackstone, and one of the largest in the country.
Blackstone bought QTS for about $10B in 2021
Open profileWorld's largest asset manager, which buys AI infrastructure debt and owns GIP, a buyer of data centres.
Bought $3B of the Hyperion bonds (US press reports)
Open profileLargest alternative asset manager, with a large data centre platform through QTS and others.
Data centre platform about $185B including projects under construction (Q2 2026, internal valuation)
Open profileAbu Dhabi AI investment fund, backing Stargate and AI data centres in the US, UAE and Europe.
Reported to have closed nearly $50B from investors in July 2026, targeting $100B
Open profileJapanese investor with a large OpenAI stake and a role in the Stargate project.
Completed a $41B investment in OpenAI for about an 11% stake (Dec 2025)
Open profileVehicle that buys Nvidia GB200 chips and leases them to an xAI subsidiary, financed by Apollo.
Apollo committed $3.5B toward a $5.4B deal (reported)
Open profileSources: alternativeswatch.com, thewealthadvisor.com
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