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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Laura BenitezFri, February 27, 2026 at 9:34 PM GMT+1 2 min read(Bloomberg) -- Apollo Global Management Inc. has netted roughly $250 million in paper gains so far from a bet it made in recent months to support Elon Musk’s xAI.The gains came as part of an investment Apollo made that will give the artificial-intelligence startup access to Nvidia Corp.’s graphics processing units, according to people familiar with the matter. Apollo has invested $7 billion in xAI debt, the people said, asking not to be identified discussing confidential information.Most Read from BloombergLA’s Bankrupt ‘Graffiti Towers’ Finds Buyer for $470 MillionMinneapolis Braces for Rent Crisis As ICE Surge Winds DownAn Insurance Expert Appraises the Safety Record of Self-Driving CarsIt’s a Tough Time To Be a Black Real Estate DeveloperNew Tax Proposal Takes Aim at Thailand’s Salty Food ObsessionRepresentatives for Apollo and xAI declined to comment.The alternative asset manager bought about $3.5 billion of xAI’s debt in December at 99 cents on the dollar, the people said. The loans offer a coupon of 10%, they added.The company’s merger with Musk’s SpaceX, announced Feb. 3, boosted the price of that debt to as much as 106 cents. Apollo had previously syndicated about half of that to clients at 99 cents while retaining the rest, giving it roughly $120 million of paper profits on that portion of the investment, the people said.Separately, Apollo booked another $100 million of paper gains after buying an additional $3.5 billion of loans in February that are also now trading higher. The firm had also offloaded some of that at the 99-cent issue price, drawing demand from insurers and asset managers, the people said.The trades provide a window into the opaque world of private lending, where prices aren’t typically disclosed. Apollo, which opened up trading on the xAI debt it bought earlier in the year, has been pushing to syndicate private credit more broadly, building a marketplace and partnering with banks to deliver real-time prices. The firm traded almost $10 billion of high-grade private loans last year.All of the Apollo debt for xAI is earmarked for a special purpose vehicle managed by Valor Equity Partners to help Musk’s startup rent chips for its Colossus 2 data-center site in Memphis.Apollo took “negligible residual risk” on the xAI deal, President Jim Zelter said at a conference earlier this month.“We were not counting on some trend to continue for us to have a successful outcome,” he said.--With assistance from Carmen Arroyo.Most Read from Bloomberg BusinessweekClaude Code and the Great Productivity Panic of 2026How Covid Quietly Rewires the BrainThe Buyers Behind Gold’s $5,000 BreakthroughAmerica’s Love of Ube Is Straining Supplies in the PhilippinesIndian Desserts Are Ready for Their Matcha Moment©2026 Bloomberg L.P.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,878.88 -29.98 (-0.43%)Dow 3048,977.92 -521.28 (-1.05%)Nasdaq22,668.21 -210.17 (-0.92%)Russell 20002,632.36 -44.93 (-1.68%)VIX19.86 +1.23 (+6.60%)Gold5,247.90 +53.70 (+1.03%)Trending tickersBTC-USD Bitcoin USD 67,647.10 +1,670.03 (+2.53%)CL=F Crude Oil Apr 26 67.02 +1.81 (+2.78%)ETH-USD Ethereum USD 2,033.67 +103.15 (+5.34%)XRP-USD XRP USD 1.43 +0.06 (+4.69%)BTC-CAD Bitcoin CAD 92,328.15 +2,279.34 (+2.53%)PortfolioSign in to access your portfolioSign inTop gainersAAOI Applied Optoelectronics, Inc. 84.23 +30.54 (+56.88%)BWIN The Baldwin Insurance Group, Inc. 23.23 +4.74 (+25.64%)FIGS FIGS, Inc. 15.45 +2.98 (+23.90%)DELL Dell Technologies Inc. 148.08 +26.63 (+21.93%)PSKY Paramount Skydance Corporation 13.51 +2.33 (+20.84%)Top losersRUN Sunrun Inc. 13.25 -7.17 (-35.11%)FIGR Figure Technology Solutions, Inc. 25.28 -8.76 (-25.73%)CRWV CoreWeave, Inc. 79.56 -18.07 (-18.51%)ACA Arcosa, Inc. 107.48 -20.02 (-15.70%)TPC Tutor Perini Corporation 75.37 -14.01 (-15.67%)Most activeNVDA NVIDIA Corporation 177.19 -7.70 (-4.16%)NFLX Netflix, Inc. 96.24 +11.63 (+13.75%)SOFI SoFi Technologies, Inc. 17.76 -1.34 (-7.02%)PLUG Plug Power Inc. 1.7900 -0.1200 (-6.28%)NU Nu Holdings Ltd. 14.98 -0.08 (-0.53%)Top economic eventsEarnings eventsMy earnings eventsEarnings events