Oracle and Meta lead $120 billion off balance sheet AI financing via SPVs

On December 24, 2025, Oracle, Meta, xAI, and CoreWeave were channeling more than $120 billion of AI data center spending off balance sheet through SPVs. Highlights include Meta's $30 billion Hyperion vehicle in October and Oracle's packages of $13 billion, $38 billion, and $18 billion for sites in Texas, Wisconsin, and New Mexico, with assets leased back to the firms.