A group of lenders is financing the purchase of Tensor Processing Units for Crux AI, a cloud compute venture formed by Blackstone and Alphabet. The $22 billion debt package provides the capital needed for expensive processors used by AI labs and represents the initial debt offering for the company to scale its infrastructure for long-term contracts.

Crux AI launched in September 2026 with a $5 billion equity commitment from Blackstone. The joint venture has a 500 MW capacity target for 2027 and has identified 29 potential sites to mitigate project delays caused by construction or power connection issues.