A growing group of investment firms and brokers will soon hold stakes in the largest private credit transaction on record, once a portion of the $35 billion financing arrangement covering Broadcom and Anthropic's AI infrastructure endeavor becomes tradeable. Approximately $24 billion of the total financing is anticipated to be accessed by mid-2027. The borrower is a special purpose vehicle that buys custom chips designed by Google and Broadcom and subsequently leases them to Anthropic, with Broadcom guaranteeing Anthropic's payments for the senior-most slices of the debt. Apollo and Blackstone each declined to provide a statement when contacted. The deal employs a delayed draw structure, with the borrower tapping funds as needed across roughly 16 installments over more than a year as chips are delivered. The shift to the 144a market allows a broader set of institutional investors to participate, increasing liquidity for these securities.