If xAI defaults on its debt, Apollo Global Management ends up in the GPU rental business. That is in the contract, signed in June 2025 , on a five billion dollar debt facility arranged by Morgan Stanley. The lenders have the right to take over Colossus, the company’s 200,000 GPU cluster outside Memphis, and rent it to other AI companies until the loan is repaid. It’s interesting whether Apollo, or Diameter Capital Partners, or any of the other lenders now financing the AI buildout this way, would want to exercise that right. The harder question is what they would actually be holding if they did. A GPU cluster bears little resemblance to a building. Its value at any given moment depends on how it has been provisioned, how it is currently performing, and whether the team that knows its quirks is still there. All of that sits off the lender's balance sheet, beyond the reach of anyone they can call. This is one of the center problems of the AI infrastructure boom.…