Meta Platforms and Blue Owl launched Beignet last year, a special purpose vehicle that channeled almost $30 bn into a Louisiana data centre called Hyperion. The structure lets conservative investors tap AI debt while keeping exposure low. Big Sky, a new SPV, follows suit but with a heftier scale.

Project Big Sky, backed by Apollo, Broadcom, Google and Anthropic, raised $35 bn to buy TPUs—Google‑Broadcom chips that power large language models. Anthropic will lease the chips, positioning itself for an IPO that could value it above $1 tn. While investors receive bonds with coupons below 6 percent, backed by Broadcom’s credit and a guarantee that its sheet, Anthropic’s junior tranche sold at around 10 percent yield, showing lenders’ appetite for high‑risk AI bets despite modest revenues. If the venture falters, losses could appear far from the headline.

Big Sky’s structure turns AI infrastructure into tradable debt, letting insurers and other risk‑averse players buy low‑coupon notes backed by a technology giant. Anthropic’s junior tranche sold at around 10 percent yield, showing lenders’ appetite for high‑risk AI bets despite modest revenues. If the venture falters, losses could appear far from the headline.

Big Sky’s structure exemplifies AI firms’ financial engineering, turning capital‑intensive projects into safe‑looking instruments that attract conservative capital. Yet the model hinges on Anthropic’s growth and the continued demand for TPUs. Should the company miss its earnings targets, the guarantees could trigger payouts, turning a clever play into a costly liability.