HedgeCo.Net — A group of 10 banks is providing about $22 billion of chip financing for Crux AI, the Blackstone–Alphabet cloud venture, according to Reuters on September 16 citing Bloomberg. Source-named lenders on the Reuters tape include Goldman Sachs, SMBC, Barclays, BNP Paribas, and Bank of Nova Scotia. Bloomberg’s first report, as carried by Reuters and Channel News Asia, said the debt is to purchase Google TPUs and is backed by chip value and Crux customer contracts, with syndication still underway.
Crux has secured an initial $5 billion equity investment from Blackstone, with Google to provide TPUs, software, and services. The venture plans first capacity of about 500 megawatts online in 2027, and Bloomberg noted the debt may later be refinanced with investment-grade bonds.
This is a disclosed bank chip-financing package around a sponsor–hyperscaler AI cloud JV, not a closed bond takeout. Mark the ~$22 billion loan size, the 10-bank group, named lenders on the tape, the $5 billion Blackstone equity, the TPU collateral structure, and the ~500 MW 2027 first-capacity plan as sourced. Do not invent final syndicate shares, spreads, or a bond refinancing timeline beyond Bloomberg’s conditional note.