Apollo and Blackstone have finalized $35bn in private financing for Anthropic, funding the AI company's purchase of Alphabet-developed chips. The deal, dubbed Project Big Sky, represents one of the largest private credit transactions completed as Wall Street pours capital into artificial intelligence infrastructure.

The financing uses a complex structure with Atlas SP Partners raising debt split across three tranches. $24bn was sold to investors at 5.75% yield, while $6bn in bank notes carry 1% over Treasuries. Broadcom backstopped senior portions with junior debt at 8.5% lacking such support.

The transaction follows Alphabet raising $85bn for its AI build-out and Anthropic's $65bn private round. Amid chipmaker stock volatility, the deal highlights investor appetite for AI infrastructure financing despite concerns about market overheating and rapid technology depreciation affecting graphics processing units.