We give a combinatorial Chevalley formula for an arbitrary weight, in the torus-equivariant K-theory of semi-infinite flag manifolds, which is expressed in terms of the quantum alcove model. As an application, we prove the Chevalley formula for anti-dominant fundamental weights in the (small) torus-equivariant quantum K-theory of the flag manifold G/B; this has been a longstanding conjecture about the multiplicative structure of the mentioned quantum K-theory. Moreover, in type A, we prove that the so-called quantum Grothendieck polynomials indeed represent Schubert classes in the (non-equivariant) quantum K-theory of the corresponding flag manifold.
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