Blackstone, Alphabet’s Crux AI Gets $22B Chip Loan
Synopsis
Blackstone and Alphabet’s Crux AI is reportedly receiving $22 billion in bank financing to fund Google TPU purchases and planned computing capacity.
Blackstone and Alphabet's Crux AI $22 billion chip loan is being organized by a group of 10 banks to finance the purchase of Google's specialized artificial intelligence processors.
The money will be used to finance the new cloud venture's Google Tensor Processing Units (TPUs). The reported loan is backed by the value of the chips, plus Crux AI's customer payments.
Lenders include Goldman Sachs, Sumitomo Mitsui Banking Corp, Barclays, BNP Paribas and Bank of Nova Scotia. The banking group is also considering other banks to be involved in the transaction.
Crux AI Expands Google-Backed Cloud Venture
In May 2026 Blackstone and Google announced the creation of their new company Crux AI, which has seen an initial equity injection of $5 billion from Blackstone. Google is offering its launch platform with TPUs, software and services.
The cloud venture is set to add another 500 megawatts by 2027 with more yet to come. The company was created to offer specialized compute resources to those who need to process data using AI.
The chip loan does not constitute the $5 billion that Blackstone has pledged to invest in the equity. The debt financing is tied to the acquisition of Google's TPUs and the contracts that the venture has with its customers.
The deal also coincides with big tech firms investing in data centers and powerful chips to meet the ever-increasing demand for artificial intelligence (AI) applications and the financing is said to be yet another sign of the growing use of debt to fund these AI-related infrastructure investments.
AI Infrastructure Drives Financing Demand
The chip loan is coming at a time when there is significant investment in computing infrastructure.
Gartner's latest forecast estimates the total global spend on AI at $2.67 trillion in 2026, an increase of 49.5% from 2025. The research firm's September forecast shows that $1.48 trillion of which is spent on AI infrastructure.
Blackstone is an alternative asset manager and Alphabet owns Google and its cloud business. It is a partnership between Blackstone's investment power and Google's computing expertise and infrastructure.
This loan thus brings a huge debt resource to this venture's current $5 billion in equity support as it rolls out its planned data centre capacity.
The major parties concerned did not immediately comment on the reported financing.
Source: Reuters
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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