> the GPUs aren't actually owned by SpaceX but a daughter company, and it's been financed via loans that are backed by pension funds. So it's already the case that pension funds back bear the risks associated with SpaceX's operations.

I think a more accurate phrasing of the Valor GPU deal would be something like this:

"SpaceX’s AI compute buildout relies in part on off-balance-sheet or lease-style financing vehicles. Valor-owned vehicles purchased Nvidia GPU infrastructure and leased it to xAI/SpaceX subsidiaries, with Apollo providing debt financing and SpaceX or subsidiaries guaranteeing some obligations. That creates indirect exposure for institutional and retirement capital, though not necessarily direct pension-fund ownership of SpaceX operational risk."