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Ten Banks Line Up $22 Billion Loan for Blackstone and Alphabet AI Cloud Venture Crux AI

September 16, 2026 at 18:10 EDT

Infra & Chips
Sales & Business

A 10-bank group is providing a $22 billion loan to finance Crux AI, the new cloud venture backed by Blackstone and Alphabet, in one of the largest debt packages yet tied directly to AI processors. The financing is designed to fund purchases of Google's Tensor Processing Units, with the debt backed by the chips and Crux AI customer contracts, according to reports on the transaction.

Sep. 16, 2026 · Crux AI

$22B chip loan backs a TPU cloud buildout

A 10-bank group is financing Crux AI's purchases of Google Tensor Processing Units, with the debt backed by chips and customer contracts.

The capital stack, drawn to scale

$22Bchip loan

$5Bequity commitment

$1Brevolver

Each block represents about $1 billion.

banks in the lending group

500 MW

capacity target for 2027

TPUs

Google chips financed by the loan

How the deal is meant to work

Loan

Banks provide chip financing.

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TPUs

Crux AI buys Google processors.

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Contracts

Chips and customer payments back the debt.

Why buyers like it

More TPU supply could give AI teams another route to large-scale compute, especially where Google tooling is already part of the stack.

What remains uncertain

Execution depends on chip values, contracted demand, power access and the ability to bring major data center capacity online.

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