Zerohedge charts the AI industry's biggest off balance sheet financings, led by a reported $60 billion Broadcom chip SPV
Last funding recourse: SPVs. Some of the most notable AI off-balance sheet financings
Context
Tech companies are increasingly funding AI data centers and chips through special purpose vehicles that keep debt off their own books, and the reported deals now run to tens of billions of dollars each.
A special purpose vehicle, or SPV, is a separate legal entity that owns an asset such as a data center or a pool of chips and borrows against it, often leasing the asset back to a tech company. The best known example is Beignet Investor, the vehicle Meta and Blue Owl formed for the Hyperion campus in Louisiana, which sold about $27.3 billion of bonds in October 2025. The Financial Times has reported that tech groups have shifted more than $120 billion of AI data center debt off their balance sheets.
Deep dive
Late on October 10, zerohedge posted a chart of some of the most notable AI off balance sheet financings under the line Last funding recourse: SPVs. It quoted its own October 8 post arguing that the pipeline for investment grade and high yield debt from hyperscalers and AI companies is full, which it said is why everyone is scrambling to use SPVs, project financing and chip collateralized structures to fund spending.
The chart lists six deals, with sizes as reported and some not final: Meta and Blue Owl's Beignet vehicle for Hyperion at $27.3 billion in 2025, a Meta El Paso SPV at $13 billion, a Broadcom, Apollo and Blackstone vehicle called Big Sky for Anthropic at $35 billion, a $22 billion bank chip loan tied to Blackstone and Alphabet, a proposed $8 billion Amazon sale leaseback of Nvidia GPUs, and a $60 billion Broadcom chip SPV for Anthropic and others. The last two are marked as reported this week. It notes that Nvidia's $500 billion plus compute financing platform is not shown, and credits ZeroHedge, the FT, Bloomberg and company reports.
BlockWest Research reported that the Hyperion notes carry a 6.581 percent coupon and that Meta's maximum exposure to loss on the vehicle is $46.03 billion, while the El Paso financing priced at about 7.5 percent.
What to expect next
Watch whether the reported Broadcom chip SPV and the Amazon GPU sale leaseback are finalized and at what size, and whether more labs and hyperscalers turn to chip backed vehicles as bond markets fill up.
Also watch how credit rating agencies and regulators treat these structures, since the companies often keep the real risk through leases and residual value guarantees even when the debt sits off their balance sheets.