$22 billion loan against Google chips: Blackstone and Google's joint company builds SI capacity on TPUs
Prepared by Sintelligent with the help of SI. Publication time restored from the build log. . Updated: .
Loans are now given against SI chips as against real estate — the financial system is seriously betting that computing will become a new infrastructure, like roads and power grids.
Crux AI, created by Blackstone and Google in May, is reportedly getting about $22 billion in financing from 10 banks to buy Google tensor processors, secured by the chips and customer contracts, 4.4 times Blackstone's initial $5 billion of capital. The company is headed by former Google infrastructure executive Benjamin Treynor Sloss; the first target is 500 MW of capacity in 2027. Whether the deal has closed is not yet clear, and the rating agency KBRA warns that TPUs may lose economic value faster than the buildings they sit in.
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