(Bloomberg) — A group of 10 banks is providing a $22 billion chip loan to support Blackstone Inc. and Alphabet Inc.’s new cloud venture Crux AI, the latest mega-debt deal in the race to finance the expensive processors crucial to artificial intelligence.

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The debt will be used to purchase tensor processing units, or TPUs, a type of chip made by Google, and will be backed by the value of those chips and Crux AI’s customer contracts, according to people with knowledge of the matter.

Banks involved in the loan include Goldman Sachs Group Inc., Sumitomo Mitsui Banking Corp., Barclays Plc, BNP Paribas SA, and Bank of Nova Scotia, the people said, asking not to be named discussing a private transaction. The banking group is in the process of bringing in more lenders to share the risk via syndication, they added.

The debt could be replaced later with longer-term financing from institutional investors in the investment-grade bond market, the people said. In addition, some banks are also providing a $1 billion revolving credit facility, separate people with knowledge of the situation said.

Representatives for Crux AI, Blackstone and Goldman Sachs declined to comment, while Alphabet, SMBC, Barclays, BNP, and Scotiabank didn’t respond to requests for comment. 9fin reported on some details of the financing earlier.

Companies are raising hundreds of billions of dollars of debt to finance the massive infrastructure buildout needed to support the expansion of AI. While most of the money so far has been raised to construct new data centers, debt deals to finance the purchase of the chips and servers that go inside are becoming more common.

A group of lenders including Apollo Global Management Inc. and Blackstone provided a $35 billion debt package to support Anthropic so that it could lease TPUs in a transaction backed by Broadcom Inc., which helps Google build the chips. Another similarly structured deal is already in discussions, with more than $60 billion being contemplated.

Nvidia Corp. also last month announced a $500 billion partnership with six of the biggest names in finance, including Blackstone, to help customers fund their purchase of the company’s chips.