Data centers & energy
Apollo Global Management
Business, financial evidence and documented connections to the AI buildout.
Business and AI exposure
Apollo is an alternative asset-management and retirement-services group. Funds managed by Apollo acquired a majority interest in Stream Data Centers in November 2025. Stream’s development activities provide a managed-investment platform connection to the STAMP project; the public parent does not thereby own a disclosed direct share of each campus.
Earnings and disclosures
Latest verified results: Q2 2026 · Released 2026-08-04
Next results: 2026-11-03 · Q3 2026.
Checked 2026-10-18 · Financial context and sources ↓
Financial context
In Q2 2026, Apollo reported $785 million of fee-related earnings, $877 million of spread-related earnings and $1.314 billion of adjusted net income. GAAP net income attributable to common stockholders was $1.336 billion. Assets under management were $1.047 trillion, including $858 billion of fee-generating assets.
Delivery and commitments
The completed Stream transaction concerns a development platform with a pipeline exceeding 4 GW. That platform figure is not completed STAMP capacity. Stream separately identifies itself as the STAMP developer, while the project has its own land, permitting and construction steps.
Costs, funding and dependencies
Fund commitments, platform financing and development progress influence asset-management returns. Fund ownership is distinct from corporate balance-sheet ownership, and the public disclosure does not allocate project equity, fees or future profits to Apollo shareholders.
What to watch next
Follow site-specific permitting, financing and construction, alongside any disclosure of the platform’s fee contribution. A completed platform acquisition does not certify completion or fully funded construction of every development in its pipeline.
Documented project connections
Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.
Stream STAMP / Project Double Reed
Apollo-managed funds own a majority of Stream Data Centers, the STAMP project developer.
Managed-fund platform ownership is not a direct Apollo corporate campus equity allocation, financing completion or operating capacity.
Evidence boundaries
Company totals, segment sales, bookings, backlog, spending, capacity and usage describe different things. They do not establish project-level revenue, earnings or an exact AI-only revenue share unless the cited disclosure explicitly says so.
This is a dated research snapshot. Forecasts are attributed expectations, and undisclosed amounts remain unknown. Source review does not certify every project or future outcome.