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2026-09-17 03:42:09
According to sources familiar with the matter, a consortium of 10 banks will issue a $22 billion special loan for the chip industry to support Crux AI, a newly established cloud business by Blackstone Group and Google's parent company, Alphabet. This is another large-scale financing project to finance the procurement of core, high-value processors amid the current race in the AI industry. Sources revealed that the loan funds will be used to purchase Google's self-developed Tensor Processing Unit (TPU) chips. The collateral for the loan is the asset value of the chips themselves and Crux AI's customer contracts. Related information shows that the banks participating in this loan issuance include Goldman Sachs, Sumitomo Mitsui Banking Corporation, Barclays Bank, BNP Paribas, and Scotiabank. Another source added that the consortium is currently attracting more investors through syndicated loan distribution to diversify credit risk. This debt may later be replaced by long-term financing from institutional investors in the investment-grade bond market. In addition, sources revealed that some banks will also provide a separate $1 billion revolving credit facility for the project.
