Anthropic has secured a $35B private credit deal, one of the largest ever, led by investment giants Apollo and Blackstone, to finance its purchase of Google-developed AI chips as investors keep flooding the AI buildout with capital. Dubbed project “Big Sky,” the financing runs through a special-purpose vehicle backed by chip-lease agreements, with Broadcom, which manufactures the Google-designed TPUs, backstopping the senior tranches to sharply cut borrowing costs. It lands amid a flood of AI financing, Alphabet's roughly $85B equity raise, SpaceX's record IPO, and Anthropic's own looming listing, and amid growing unease that the AI boom has run too hot, with chip-backed loans raising fresh questions about how fast the hardware will lose value.
