Asset managers Apollo and Blackstone have finalised a $35 billion (£26bn) private credit deal to finance Anthropic’s purchase of Google-developed Tensor Processing Unit AI chips manufactured by Broadcom.

The deal will initially expand Anthropic’s compute capacity by 1 gigawatt, the companies said on Tuesday, with the TPU chips to be deployed at data centre sites operated by Fluidstack beginning in the middle of this year.

Overall the companies said they hope to deploy more than 20 GW of compute capacity for AI companies including OpenAI through 2028.

The agreement represents one of the largest-ever private credit deals ever completed, as private capital continues to pour into tech companies’ AI build-outs.

Meta in October struck a $27bn financing deal with Blue Owl Capital to fund a large data centre project. Blue Owl is is also helping to fund an OpenAI data centre project in Texas.

Broadcom has signed recent deals with Google and Anthropic to develop and supply Google’s TPUs through 2031 and to give Anthropic access to such chips.

The new Broadcom financing deal comes amid a stock-market correction that began on Friday and continued on Tuesday and saw a slide in the valuations of some highly capitalised AI-linked companies.

The “Big Sky” project is the latest of a number of loans backed by the value of AI chips that has stirred debate over how quickly such hardware depreciates amid constantly evolving AI technology.

A stock-market sell-off in recent days has seen volatility for AI-linked companies, following weeks of market gains, with memory maker Micron, for instance, plunging 13.3 percent last Friday, jumped 9.9 percent on Monday, then fell as much as 10 percent in Tuesday trading before closing down 1.4 percent.

Chipmakers Marvell and AMD saw declines of 7.6 percent and 3 percent, respectively, on Tuesday.

Broadcom, whose market decline last week led the broader sell-off, closed down 1.12 percent on Tuesday and is down 8.88 percent from a month ago.