Blackstone sees AI buildout boosting private credit growth

Blackstone sees growing opportunities to finance artificial intelligence infrastructure, spanning chips and computing equipment to power generation and data centres, as technology companies face large capital requirements to expand computing capacity. Speaking on the firm's third-quarter earnings call on Thursday, October 22, 2026, Blackstone President Jon Gray said, "The needs of capital here are so enormous. It's unprecedented in our lifetimes."

The alternative asset manager is financing parts of the AI supply chain through several structures, including loans secured against long-term contracts with major technology companies. Gray described the firm's chip financing activity as being done "at scale," with the ability to provide junior capital alongside a major model company or senior capital wrapped by a hyperscaler or chip company. Blackstone's transactions have been linked to Anthropic, Google and Broadcom. In October 2026, it was reported that Blackstone would commit $9 billion to a junior-debt tranche within an $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.

Financing opportunities extend beyond chips. Blackstone is providing capital to utilities, pipeline companies, liquefied natural gas businesses and renewable energy developers, and is financing data centres and computing infrastructure equipment. Gray said the firm's ability to operate across debt and equity, from investment grade to opportunistic equity, and across the US, Europe and Asia, is an advantage. In credit, the firm provides senior financing backed by investment-grade counterparties, including through insurance companies and pension funds, while taking more risk in junior portions of some transactions.

Blackstone is also exploring ways to package these opportunities for investors. Gray said "you could see some dedicated products, but at the same time, customers also want some diversification," adding that some transactions could eventually support vehicles focused specifically on chip financing, while AI-related investments may also be included in broader commingled funds.

The opportunity comes as investors scrutinise the capital requirements and valuations tied to 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 is exposed to AI infrastructure across debt and equity, which it described as significant 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, and Gray said the firm is positioning itself as an integrated solutions provider spanning energy, computing infrastructure and financing.