Blackstone to invest $5 billion in new AI infrastructure company

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Eugene Komchuk

19.05.2026

Blackstone to invest $5 billion in new AI infrastructure company — A major player is set to emerge in the AI infrastructure market.

Blackstone, the world’s largest private owner of data centers, will invest $5 billion in equity capital in a new company focused on developing infrastructure for artificial intelligence. Google will be the project’s partner.

According to the investment giant’s website, the new company will be based in the United States. Google will provide it with its tensor processing units (TPUs) — specialized chips designed to process computations related to artificial intelligence. The first 500 MW of compute capacity is expected to come online by 2027. The project is planned to scale significantly over time.

Blackstone President and Chief Operating Officer Jon Gray said the new company has “enormous potential” because it will help meet unprecedented demand for compute capacity.

The project will be led by Benjamin Treynor Sloss, who previously served as chief programs officer at Google. At the same time, a Google spokesperson declined to clarify whether the company will retain a direct management role in the new business.

According to The Wall Street Journal, the investment firm will hold a majority stake. The publication cited sources familiar with the matter. Blackstone itself did not disclose the venture’s ownership structure.

The joint venture has already identified potential data center sites. Some of them, according to the publication, are already under construction.

Blackstone’s investments and market reaction

Blackstone manages more than $1.3 trillion in assets and is actively investing across different segments of the AI ecosystem. Earlier this month, the company created a similar venture with Anthropic.

In premarket trading on Tuesday, shares of Alphabet and Blackstone rose by about 1%.

The deal highlights the intensifying competition between Google and Nvidia in the AI chip market. Google’s TPUs have long been seen as an alternative to Nvidia’s graphics processing units, which remain a key standard for the artificial intelligence industry.

Google continues to use Nvidia GPUs in its cloud infrastructure, but at the same time it is developing its own TPUs to reduce its dependence on Jensen Huang’s company. Other tech giants, including Amazon Web Services, have adopted a similar strategy by developing their own semiconductors.

AI is becoming a corporate standard

More large companies are integrating AI models not only into individual products but also into everyday business processes. For example, Morgan Stanley uses OpenAI-based solutions for financial advisors: these tools help them search internal documents more quickly, prepare concise summaries of research and select more relevant data for clients. Walmart, in turn, is developing AI tools for store employees and shoppers — from generative search to assistants designed to simplify workflows and customer service.

A similar trend is visible in other sectors as well. Heathrow Airport has introduced the AI agent Hallie, built on Salesforce, to handle passenger inquiries via WhatsApp, while Salesforce is promoting Agentforce as a platform for autonomous AI agents in corporate sales, service and marketing. This shows that demand for compute infrastructure is growing not only because of developers of large language models: AI is gradually becoming a working tool for banks, retail, transportation and customer service.

As a reminder, Blackstone’s fund received a Fitch rating of BBB(EXP).

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