Apollo Global Management Inc. and Blackstone Inc. are among private credit lenders involved in talks with chipmaker Broadcom Inc. over a roughly $35 billion financing, the latest indication that companies are mobilizing all sources of capital to fund the AI build-out.

The financing, which would be one of the largest ever private credit deals, will help Broadcom fund the development of chips for AI tasks, according to people familiar with the matter who asked not to be identified discussing private information.

Negotiations with the investment firms are ongoing and terms could change, according to the people. Representatives for Blackstone, Apollo and Broadcom declined to comment.

Shares in Broadcom rose 4% on the news.

In a regulatory filing in April, Broadcom said it signed a long-term agreement to develop and supply custom tensor processing units, or TPUs, for Google, along with a separate accord to provide networking and other components to be used in Google’s next-generation AI racks through 2031.

At that time, Broadcom also announced an expanded collaboration with Google and Anthropic, intended to provide Anthropic with access to a further 3.5 gigawatts of next-generation TPU-based AI compute capacity through Broadcom starting in 2027, subject to Anthropic’s continued commercial success. The companies are in discussions with financial partners to support the deployment, Broadcom said then.

If the financing deal goes ahead, it would cement the private credit industry’s role as a key engine for AI’s vast infrastructure requirements. Last year, Meta Platforms Inc. sealed an almost $30 billion financing package with Blue Owl Capital Inc. and Pacific Investment Management Co. for its data center site in rural Louisiana.