Apollo Global Management reported a record $114 billion in credit and investment originations during the third quarter of 2026, reflecting growing demand for private financing across artificial intelligence infrastructure and other sectors. However, the investment group’s rapid dealmaking contrasted with a $1.06 billion reported net loss attributable to common shareholders, largely driven by unrealised investment losses as interest rates rose.
The results highlight the expanding role of private capital in financing AI computing infrastructure, while exposing the valuation, funding and collateral risks associated with the boom.
Key Overview
- Record activity: Quarterly originations reached $114 billion, up approximately 52% from the preceding quarter.
- Annual scale: Originations reached $356 billion over the preceding 12 months, reflecting a growing private-finance platform.
- AI exposure: Apollo is participating in chip-backed financing for major AI infrastructure users and a broader capital initiative involving Nvidia.
- Financial performance: Apollo posted a $1.057 billion GAAP net loss attributable to common shareholders, despite $1.293 billion in adjusted net income.
- Asset growth: Assets under management rose to approximately $1.074 trillion, supported by $53 billion in quarterly inflows.
Apollo’s $114 Billion Quarter Shows Private Credit’s Growing Reach
The firm’s third-quarter results confirmed record originations of $114 billion and more than $350 billion in activity over the preceding year. Its earnings filing provides the more precise rolling-year figure of $356 billion and reports $117 billion in gross capital deployment for the quarter.
Importantly, originations measure transactions Apollo sources or arranges and should not be interpreted as an equivalent amount of newly funded loans retained on its balance sheet. Much of Apollo’s investment capacity is linked to institutional clients, including retirement-services capital associated with its insurer Athene.
That structure has positioned the firm to compete for complex asset-backed transactions that can be too large or concentrated for conventional bank lenders to hold independently. Its financing activity also extends beyond technology, including infrastructure and corporate borrowers.
AI Chips Become Collateral for Multibillion-Dollar Financing
Apollo’s involvement in AI financing is accelerating as developers seek alternatives to funding expensive computing equipment directly from corporate cash flows.
In June, Apollo and other investors backed an approximately $35 billion chip-financing arrangement linked to infrastructure used by Anthropic. The structure involves funding specialised computing equipment that can be leased to customers rather than purchased outright.
Separately, an Apollo-managed entity agreed to a roughly $40 billion equipment-financing arrangement involving AI chips and servers for SpaceX, with equipment leases expected to begin in 2027 subject to the deal’s closing conditions.
Apollo is also among six financial partners in Nvidia’s AI infrastructure financing initiative, designed to mobilise more than $500 billion in aggregate third-party capital over time. That figure is a shared future mobilisation ambition, not an Apollo loan already extended to Nvidia.
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Record Originations Contrast With Investment Losses
Despite the expansion in business activity, Apollo’s reported earnings revealed a gap between accounting results and management’s adjusted profit measure.
The company recorded a $1.057 billion GAAP net loss attributable to common shareholders, primarily reflecting unrealised mark-to-market losses on retirement-services investments amid higher interest rates. Adjusted net income was $1.293 billion, while fee-related earnings increased 23% year on year to $802 million.
Spread-related earnings excluding notable items stood at $909 million. Quarterly retirement-services inflows were approximately $19 billion, indicating that competition and financing costs remain relevant even as the broader group continues attracting institutional capital.
Chip Depreciation Raises Questions for Private Lenders
AI-linked equipment financing introduces risks that differ from lending against property, aircraft or other established collateral. High-performance processors can lose economic value quickly when newer generations arrive, while resale prices depend on demand, technical compatibility and equipment availability.
The concern is particularly important in transactions where expected lease payments and residual chip values support large borrowings. A deterioration in customers’ economics, higher interest expenses or faster-than-expected depreciation could weaken recoveries even if near-term AI investment remains strong.
For investors, Apollo’s quarter illustrates both sides of the private-credit expansion: exceptionally strong demand for financing, accompanied by sensitivity to interest rates, asset valuations and the longer-term economics of AI infrastructure.
Sources: Apollo Global Management / U.S. Securities and Exchange Commission / Nvidia / Reuters / Axios / StockTitan
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