Blackstone-backed AI infrastructure venture Crux AI is set to receive $22bn in chip financing from a consortium of 10 banks as investors and technology companies ramp up spending on the infrastructure required to support the growth of AI, according to a report by Bloomberg.
The financing will support the purchase of Google’s custom Tensor Processing Units (TPUs), with the lending reportedly secured against the value of the chips as well as customer contracts held by Crux AI.
The report cites an unnamed source familiar with the matter as revealing that Goldman Sachs, Sumitomo Mitsui Banking Corporation, Barclays, BNP Paribas and Bank of Nova Scotia are among the lenders participating in the transaction. The banks are understood to be seeking additional lenders through a syndication process to distribute the exposure.
Blackstone and Google parent Alphabet announced the creation of Crux AI in May. Blackstone is providing an initial $5bn equity investment in the venture, while Google is contributing its TPUs, software and services.
Crux AI formally launched last week and plans to bring its first 500 megawatts of computing capacity online in 2027. The company is targeting AI laboratories, technology businesses, enterprises and government customers seeking dedicated computing infrastructure.
