Big Tech’s chip-backed SPVs reportedly reach $300 billion
AI firms are moving massive chip and data center commitments into off-balance-sheet vehicles, and lenders are starting to ask what the collateral is really worth
+15.1% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
132,170,000,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
32.0% (FY ended 2025-12-31)
Forward P/E
Unavailable: no dated forecast source
Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.
Alphabet Inc. and its peers
Company
Price
Market cap
P/E (trailing)
Forward P/E
Annual revenue (USD)
Annual revenue growth
Annual net income (USD)
Operating margin
Alphabet Inc.
GOOGL · Price dated Oct 27, 2026 · tokenized GOOGLx
3,333,751,000FY ended 2025-12-31, attributable to the company · 10-K
75.8%FY ended 2025-12-31
Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.
Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 27, 2026, 10:51 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.
Token vs underlying stock
Current comparison for GOOGL. Historical observations may postdate this article.
Split-adjusted regular-session stock closes from the existing Gloria shared history, paired only with an observed token price within 45 minutes of 16:00 New York time. Up to 60 matched sessions. No interpolation or missing-date fill. Weekends and known early closes are omitted. Token units are not adjusted for issuer multipliers or dividend treatment. This compares quoted prices, not fair value, executable premiums or arbitrage returns. Solid line: token. Dashed line: stock. Exact quote times and values appear below. Historical observations. Retrieval refers to the token source. Token quote times use UTC. The fixed cohort shows its oldest member fetch.
Alphabet token vs Alphabet stock: exact source values
Quoted token and share units can have different rights, multipliers and dividend treatment. This is not an executable premium or arbitrage signal.
Roughly $300 billion in chip-collateralized special purpose vehicles has now been identified or processed. That is a lot of AI hardware sitting somewhere other than a company’s balance sheet.
Big Tech and AI firms have reportedly used these structures over the past year to finance data center buildouts and chip purchases. The goal is simple: get the GPUs without letting the debt crowd the financial statements investors actually read.
How the $300 billion got built
Think of a special purpose vehicle as a separate legal box. A company sets it up, the box borrows money and buys the chips, and the company leases the hardware or guarantees the deal from the outside.
On paper, the parent stays lean. In practice, it is still very much on the hook through leases and guarantees.
Private credit giants are writing the checks. Blackstone and Apollo Global Management have backed chip-backed financing arrangements, which have grown more popular as demand for AI infrastructure keeps climbing.
Alphabet offers one of the starkest examples. Its data-center guarantees jumped from $16.9 billion to $43.8 billion in just six months, more than doubling in that window.
Less than 2% of that amount shows up on Alphabet’s balance sheet.
AI, tech, and the markets they move—in one daily briefing.
Daily. Free. Join 34,000+ readers across crypto, finance, and policy.
Anthropic moved even faster. SPVs tied to the AI lab accumulated approximately $71 billion in chip-leasing debt in roughly 60 days, by early August 2026.
A single $35 billion package involving Apollo and Blackstone arrangements anchored that run.
Amazon is still at the table. As of October 2026, the company is reportedly exploring an $8 billion SPV that would buy Nvidia’s Grace Blackwell chips and lease them back to Amazon.
Nvidia wants to be the bank, too
The biggest number in this story belongs to a plan, not a completed deal. In August 2026, Nvidia announced a financing platform designed to attract more than $500 billion in third-party capital for chip-backed financing.
The pace has been notable as well. Activity from mid-September through October points to a coordinated industry push to find financing that can keep up with AI’s appetite for compute.
What this means for lenders, investors and the AI buildout
The core risk sits in the collateral itself. Chips are the asset backing these loans, and AI hardware loses value quickly as newer generations arrive.
Market participants have flagged concerns about how rapid depreciation could affect long-term collateral recovery. If a borrower stumbles years into a lease, the GPUs left in the SPV may be worth far less than the debt they were meant to secure.
For shareholders in Big Tech, the main issue is visibility. When less than 2% of Alphabet’s guarantees appear on its balance sheet, the headline numbers can understate how much the company has actually committed to the AI buildout.
Watch three things from here: whether Amazon finalizes its $8 billion Grace Blackwell deal, how much capital Nvidia’s platform actually attracts against its $500 billion target, and whether lenders start demanding tougher terms as depreciation concerns build.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.
