{"entity":{"id":"capital_markets","name":"Bond, loan & private-credit markets","short":"Bond & loan markets","kind":"aggregate","note":"Aggregate node for third-party debt: bonds, loans, private credit and GPU-backed vehicles. Not a single company."},"outEdges":[{"id":"a2b10c3e2618","from":"capital_markets","to":"xai","type":"debt","amountUsdB":5,"amountNote":"Morgan Stanley-led loans and secured bonds (~12% yields, unrated) alongside a $5B strategic equity raise; orders ~1.5x, described as tepid demand.","announced":"2025-07-01","status":"closed","source":"https://www.cnbc.com/2025/06/17/musks-xai-on-track-to-raise-5-billion-in-fresh-debt-following-modest-demand.html","sourceLabel":"CNBC","confidence":"high"},{"id":"4fb8d2e34bb9","from":"capital_markets","to":"xai","type":"debt","amountUsdB":12.5,"amountNote":"Reported debt component of the $20B Series E, structured through a GPU-secured SPV (lenders' security is the Nvidia hardware).","announced":"2026-01-06","status":"reported","source":"https://www.bloomberg.com/news/articles/2026-01-06/musk-s-xai-closed-20-billion-funding-round-with-nvidia-backing","sourceLabel":"Bloomberg","confidence":"medium"},{"id":"5f20701cd506","from":"capital_markets","to":"coreweave","type":"debt","amountUsdB":10,"amountNote":"'Raised more than $10 billion of unsecured debt and convertible bonds' in 2026 (incl. inaugural Eurobond) plus a $3.1B term loan and a $1B strategic investment from Jane Street; Q2 2026 interest expense $640M.","announced":"2026-08-11","status":"closed","source":"https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx","sourceLabel":"CoreWeave IR (Q2 2026 results)","confidence":"high"},{"id":"685e01b062c8","from":"capital_markets","to":"oracle","type":"debt","amountUsdB":50,"amountNote":"Plan: $45-50B of gross proceeds in calendar 2026 - about half a one-time investment-grade bond issue, half equity and equity-linked (mandatory convertible preferred plus an at-the-market programme of up to $20B). Fiscal 2026 free cash flow was -$23.7B; S&P cut Oracle to BBB- in July 2026.","announced":"2026-02-01","status":"partial","source":"https://www.oracle.com/news/announcement/oracle-announces-equity-and-debt-financing-plan-2026-02-01/","sourceLabel":"Oracle press release","altSource":"https://www.sec.gov/Archives/edgar/data/1341439/000119312526032650/d36096dfwp.htm","confidence":"high"}],"inEdges":[],"outUsdB":77.5,"inUsdB":0,"partners":[{"id":"oracle","name":"Oracle","outUsdB":50,"inUsdB":0,"deals":1,"circular":false},{"id":"xai","name":"xAI","outUsdB":17.5,"inUsdB":0,"deals":2,"circular":false},{"id":"coreweave","name":"CoreWeave","outUsdB":10,"inUsdB":0,"deals":1,"circular":false}],"circularPairs":[]}