Blackstone President Jon Gray is making artificial intelligence the firm’s biggest bet. The firm is building a data center empire valued at $200 billion, including debt and projects under construction. That is up from $55 billion in June 2024, positioning AI as the most important undertaking at the world’s largest alternative asset manager.
The strategy extends beyond real estate. Blackstone has a new cloud venture with Google called Crux AI, which will use Alphabet’s custom chips. Its broader approach also includes financing for chip purchasers, investments in power generation, and equity stakes in AI labs OpenAI and Anthropic.