Blackstone sees growing opportunities to finance artificial intelligence infrastructure, from chips and computing equipment to power generation and data centres, as technology companies face enormous capital requirements to expand computing capacity.
“The needs of capital here are so enormous. It’s unprecedented in our lifetimes,” Blackstone President Jon Gray said during the firm’s third-quarter earnings call on Thursday (Oct. 22).
The alternative asset manager is financing parts of the AI supply chain through different structures, including loans secured against long-term contracts with major technology companies. Blackstone is also considering dedicated investment vehicles for specific financing opportunities, alongside broader funds that invest across multiple asset classes.
“Having the ability to do chip financings either on a junior basis, potentially with one of the big model companies, or on a senior basis wrapped by one of the big hyperscalers or chip companies themselves—we’re doing that at scale,” said Gray.
Blackstone has expanded into AI chip financing through transactions linked to Anthropic, Google and Broadcom.
In October 2026, it was reported to be committing $9 billion to a junior-debt tranche within a $18 billion financing package tied to AI chips and computing infrastructure for Anthropic, part of a broader $60 billion arrangement. In June, Blackstone’s Credit & Insurance business also participated in a $35 billion financing transaction launched by Apollo and Broadcom to support AI computing capacity for Anthropic.
The financing opportunities extend beyond chips. Blackstone is providing capital to utilities, pipeline companies, liquefied natural gas businesses and renewable energy developers, while also financing data centres and equipment used in computing infrastructure.
The firm sees its ability to operate across debt and equity as an advantage in capturing that demand. “One of the great benefits of Blackstone is that we can play in all these different areas, from investment grade to more opportunistic equity,” Gray said. “We can do it in the US, Europe, and Asia.”
Blackstone is also exploring ways to package some of these opportunities for investors. In credit, the firm is providing senior financing backed by investment-grade counterparties, including through insurance companies and pension funds, while taking more risk in junior portions of some transactions.
“You could see some dedicated products, but at the same time, customers also want some diversification,” Gray said. He added that some transactions could eventually support vehicles focused specifically on chip financing, although Blackstone may also include AI-related investments in broader commingled funds.
The opportunity comes as investors scrutinise the capital requirements and valuations associated with the AI buildout. Gray said Blackstone is focusing on physical infrastructure and long-term contracted assets to manage risks, including potential technological obsolescence.
The firm said about 7% of its $1.4 trillion in assets under management was exposed to AI infrastructure across debt and equity, a significant allocation in absolute terms but a relatively small share of its overall portfolio.
Blackstone believes tighter capital availability could favour established investors with the expertise and scale to finance large projects. Gray said the firm was positioning itself as a provider of integrated solutions spanning energy, computing infrastructure and financing.
“Being able to speak at scale with the key counterparties and be a solution provider from everything from energy through to chips, debt to equity,” he said, “we think that is a very good place to be.”
