Crux AI secured $22 billion in chip mortgage loans from 10 banks

According to Dealroom.co citing Bloomberg News, a consortium of 10 banks has provided Crux AI with a $22 billion loan secured by chips. Crux AI is the AI cloud service joint venture launched by Blackstone and Alphabet in May, which officially started last week.

The loan will be used to purchase Google-customized TPUs. Crux AI has received a $5 billion equity investment from Blackstone, with Google providing TPUs, software, and services, planning to produce the first batch of 500 megawatts by 2027. Named lending institutions include Goldman Sachs, Sumitomo Mitsui Banking Corporation, Barclays, BNP Paribas, and Canadian Imperial Bank of Commerce.