Alphabet's robotaxi company has closed a $5bn term loan, its first borrowing, with PIMCO, Blackstone and Sixth Street leading a lender list that spans bond funds and private credit. The deal started at more than $3bn and grew.
Lambda, the Nvidia-backed GPU cloud, is raising up to $4bn before a planned 2027 listing. Its backlog more than tripled in three months, and one contract signed in late August is worth as much as the whole increase.
SpaceX wants $10bn of bank loans and $30bn of investment-grade debt to buy Nvidia chips, with Apollo leading. Its $25bn bond sale in June is already trading well below par.
Data-centre securitisations have grown from $4bn outstanding in 2020 to $61bn this year. Follow the chain past the private credit funds and it ends on balance sheets whose liabilities run for decades and whose assets, increasingly, cannot be sold.
A Brookings paper published on Wednesday puts the American AI build-out at $10.3tn by 2032 — larger relative to output than the railroads, electrification or the interstates — and argues its risk has migrated to structures that do not report it. On Thursday, Oracle sent a force majeure notice on a campus whose loans were already trading below par.
The largest category of tokenised real-world assets is not Treasuries or funds. It is loans, and it is the hardest one to verify.
An asset class that reports quarterly valuations built from its own models is being asked, for the first time at scale, to show its work.
Recurring-revenue loans, data-driven monitoring, and fund structures built for scale are turning software lending into an asset class of its own.
Structured secondary windows and tokenized feeder funds are answering the illiquidity complaint without inviting a run.