A slice of the $35 billion private credit facility backing Broadcom Inc. and Anthropic PBC is poised to hit the secondary market, giving money managers and dealers their first crack at the largest private credit deal ever assembled. The financing, arranged by Apollo Global Management, underwrites a massive build-out of AI infrastructure — data centers, networking gear, and custom silicon — that both companies say is essential to meet surging demand for generative AI compute.

Private credit funds have swollen to $1.7 trillion in assets, but transactions of this scale remain rare. Broadcom, fresh off its $69 billion VMware acquisition, needs capital to ramp production of custom AI accelerators for hyperscalers. Anthropic, backed by Amazon and Google, requires unprecedented compute clusters to train next-generation foundation models. The deal blends term loans and revolving facilities, with pricing that reflects the premium lenders now assign to AI-exposed collateral.

Secondary trading will test whether institutional appetite matches primary-market enthusiasm. Early indications suggest tight spreads, but liquidity remains unproven for a facility this concentrated in a single thematic bet. If the paper trades well, it could unlock a wave of similar mega-financings for AI infrastructure; if it stumbles, arrangers may need to syndicate more aggressively or accept wider discounts.