Apollo Global Management is pushing to make a $3.5 billion loan for Elon Musk’s AI venture xAI tradable. The debt, arranged to fund Nvidia GPUs and data‑centre gear, sits in a special purpose vehicle set up by Valor Equity Partners. Apollo has offered to buy more loan portions at par today.

By opening secondary trading, Apollo aims to act as a market maker in private credit, a space it has expanded into with over $6.7 billion of deals last year. The move could broaden liquidity for high‑grade loans and signal a shift toward more tradable private debt for investors and institutional lenders.

xAI, which recently raised $20 billion in equity, will likely tap further structured financing as it scales data‑centre capacity. Apollo’s willingness to purchase loan tranches at par may encourage other lenders to follow suit, potentially accelerating the growth of secondary markets for tech‑heavy private credit in the tech industry in 2026.