Ten Banks Line Up $22B Loan for Crux AI to Buy Google TPUs

Ten banks have lined up a $22 billion loan for Crux AI, the Blackstone-Alphabet cloud venture. Bloomberg called it "one of the largest debt deals arranged to fund processors needed for artificial intelligence operations." The debt will buy tensor processing units, the chip made by Google, and is "backed by the value of those chips and Crux AI's customer contracts."

The consortium includes Goldman Sachs, Sumitomo Mitsui Banking Corp., Barclays, BNP Paribas and Bank of Nova Scotia, and comes alongside a separate $1 billion revolving credit facility. The lending group is currently working to syndicate a portion of the loan to additional financial institutions, and sources told Bloomberg the short-term facility may eventually be refinanced through longer-term debt issuance in the investment-grade corporate bond market.

Google and Blackstone announced the venture in May, saying they would form a cloud business aimed at meeting growing demand for AI computing services. Blackstone committed an initial $5 billion in equity to help bring 500 megawatts of data center capacity online in 2027. The Crux financing lands in a week our tracker has already logged several large AI infrastructure rounds.