How AI Companies Are Keeping Debt Off Their Balance Sheets(bloomberg.com)
bloomberg.com
How AI Companies Are Keeping Debt Off Their Balance Sheets
https://www.bloomberg.com/news/articles/2025-10-31/meta-xai-starting-trend-for-billions-in-off-balance-sheet-debt
The title makes it sound dubious, but it seems like another way of seeing it is nvidia diversifying from just selling chips to operating datacenters, via a "special purpose vehicle" (spv) entity. Instead of xai selling bonds to raise money to pay for chips, they lease usage from the spv.
Seems comparable to a new datacenter company starting up to serve xai. Since nvidia is funding the new company, though, I suppose it gives the impression there's more money in the ai market than there actually is. Xai raising debt would make it more obvious.