Blackstone reported strong Q2 2026 results with distributable earnings up 26% YoY, driven by massive AI-related investments across data centers, energy, and direct stakes in frontier AI companies. The firm highlighted record fundraising of $70 billion in the quarter, leadership in private credit with a $35 billion Broadcom financing platform, and a bullish outlook on data center demand and real estate recovery. Management expressed high confidence in continued growth and double-digit base fee expansion in 2027. Distributable earnings reached $2B ($1.52/share), up 26% YoY; FRE grew 22% to $1.8B.
Blackstone reported strong Q2 2026 results with distributable earnings up 26% YoY, driven by massive AI-related investments across data centers, energy, and direct stakes in frontier AI companies. The firm highlighted record fundraising of $70 billion in the quarter, leadership in private credit with a $35 billion Broadcom financing platform, and a bullish outlook on data center demand and real estate recovery. Management expressed high confidence in continued growth and double-digit base fee expansion in 2027. Distributable earnings reached $2B ($1.52/share), up 26% YoY; FRE grew 22% to $1.8B.
Management said AI is the most significant driver of strong results, with large-scale investments in data centers, energy, and frontier AI companies. Demand for compute is accelerating, and the data center platform has grown to $185 billion, with expectations to lease over…
Blackstone is significantly increasing investment in AI infrastructure, including up to $5 billion with Google for a new AI cloud provider, $35 billion with Broadcom for compute financing, $5.3 billion for Williams energy infrastructure, and launching a $2 billion data center…
Blackstone is significantly increasing investment in AI infrastructure, including up to $5 billion with Google for a new AI cloud provider, $35 billion with Broadcom for compute financing, $5.3 billion for Williams energy infrastructure, and launching a $2 billion data center…
Management said AI is the most significant driver of strong results, with large-scale investments in data centers, energy, and frontier AI companies. Demand for compute is accelerating, and the data center platform has grown to $185 billion, with expectations to lease over…
Management said AI is the most significant driver of strong results, with large-scale investments in data centers, energy, and frontier AI companies. Demand for compute is accelerating, and the data center platform has grown to $185 billion, with expectations to lease over three times more capacity this year than any other year.
IPO market strengthening with three IPOs since May. Management expressed strong confidence driven by record earnings growth, AI-related investment returns, and fundraising momentum, with Steve Schwarzman stating 'I have great optimism' and John Gray saying 'I'm extremely confident about the future.'
Blackstone is significantly increasing investment in AI infrastructure, including up to $5 billion with Google for a new AI cloud provider, $35 billion with Broadcom for compute financing, $5.3 billion for Williams energy infrastructure, and launching a $2 billion data center REIT. The firm expects the data center platform to double over the next few years.
Management expressed strong confidence driven by record earnings growth, AI-related investment returns, and fundraising momentum, with Steve Schwarzman stating 'I have great optimism' and John Gray saying 'I'm extremely confident about the future.'
“The platform provided $35 billion initially to deliver one gigawatt of compute, representing the largest private credit investment in history, with much more to come.”
“We expect to lease over three times more capacity this year than any other year in our history.”
Blackstone expects to lease over three times more data center capacity this year than any other year in its history. — Unprecedented leasing volume indicates explosive demand for compute, directly benefiting hyperscalers who are the primary tenants, but also signaling potential supply constraints for chip and power infrastructure.
“We teamed with Google to build a new AI cloud provider powered by their TPU chips, investing up to $5 billion initially.”
… demand for compute is accelerating. We became one of the most active private investors in power and utilities and energy demand is significantly rising. And we invested directly in some of the fastest growing private companies in the world, including Anthropic, OpenAI and SpaceX. And we're now creating new companies and platforms that we believe will play a critical role in the advancement of AI, including four in the second quarter alone. First, we teamed with Google to build a new AI cloud provider powered by their TPU chips, investing up to $5 billion initially. We think this business has the potential to scale quite significantly over time as the first NeoCloud for TPUs. Second, we partnered with Anthropic to form a company focused on driving enterprise adoption of their AI-powered solutions, helping firms to realize the vast potential of this technology. Third, we joined Broadcom and another manager to create a financing platform in support of Broadcom's deployment of large-scale AI compute for their end customers. The platform provided $35 billion initially to deliver one gigawatt of compute, representing the largest private credit investment in history, with much more to …
Blackstone is creating a new entity with Anthropic to accelerate enterprise AI adoption, which could expand Anthropic's market reach and revenue.
“We partnered with Anthropic to form a company focused on driving enterprise adoption of their AI-powered solutions.”
Blackstone created a $35 billion financing platform with Broadcom for AI compute, the largest private credit investment in history. — This massive financing facility gives Broadcom a unique advantage to deploy AI compute at scale for customers, potentially accelerating its chip infrastructure buildout and deepening customer relationships.
“We joined Broadcom and another manager to create a financing platform in support of Broadcom's deployment of large-scale AI compute for their end customers.”
… First, we teamed with Google to build a new AI cloud provider powered by their TPU chips, investing up to $5 billion initially. We think this business has the potential to scale quite significantly over time as the first NeoCloud for TPUs. Second, we partnered with Anthropic to form a company focused on driving enterprise adoption of their AI-powered solutions, helping firms to realize the vast potential of this technology. Third, we joined Broadcom and another manager to create a financing platform in support of Broadcom's deployment of large-scale AI compute for their end customers. The platform provided $35 billion initially to deliver one gigawatt of compute, representing the largest private credit investment in history, with much more to come. And fourth, alongside these partnerships with leading AI companies, we launched a Blackstone REIT, known as BXDC, something public market investors can access directly to acquire stabilized, newly constructed data centers. The $2 billion offering represented the largest blind pool REIT IPO in history, a testament to our leadership position in this sector. The market for long-term ownership of stabilized data centers is nascent today, …
Prologis' M&A activity is a positive signal for the logistics real estate sector, which Blackstone also focuses on, potentially indicating rising valuations.
“We're now seeing some large-scale M&A in the public markets with Prologis, what looks to be likely a successful takeover of a $25 billion logistics company in the UK.”
Blackstone's direct investment in OpenAI signals strong conviction in the company's growth trajectory and provides a capital infusion.
“We invested directly in some of the fastest growing private companies in the world, including Anthropic, OpenAI and SpaceX.”
… access to the remarkable opportunities emerging in this area and allows them to share directly in the extraordinary potential upside. Many of these opportunities, of course, can't be replicated in the public markets. We built the largest data center development business in the world. and demand for compute is accelerating. We became one of the most active private investors in power and utilities and energy demand is significantly rising. And we invested directly in some of the fastest growing private companies in the world, including Anthropic, OpenAI and SpaceX. And we're now creating new companies and platforms that we believe will play a critical role in the advancement of AI, including four in the second quarter alone. First, we teamed with Google to build a new AI cloud provider powered by their TPU chips, investing up to $5 billion initially. We think this business has the potential to scale quite significantly over time as the first NeoCloud for TPUs. Second, we partnered with Anthropic to form a company focused on driving enterprise adoption of their AI-powered solutions, helping firms to realize the vast potential of this technology. Third, we joined Broadcom and …
Blackstone is providing long-duration capital to Williams for energy projects tied to data center growth, strengthening Williams' ability to meet rising power demand.
… still under construction at a multi-billion dollar gain. Meanwhile, in energy, we continue to actively invest to help meet rising global demand, including in utilities, utility services, renewables, pipelines, LNG, and electrical equipment across both equity and debt. We've generated highly differentiated returns for LPs in these areas as well, as highlighted by the performance of our energy-focused strategies. Last week in credit, we announced a $5.3 billion investment for leading energy infrastructure company Williams to support multiple development projects to power data centers. This investment provides yet another example of Fortune 500 companies looking to private markets for customized long-duration capital solutions. I'm sharing these examples Thank you very much. We're mindful of the potential for excessive exuberance in this area, and we've carefully chosen our spots, leveraging our scale and knowledge advantage to build conviction. We focused on identifying compelling risk-adjusted returns with outside-upside potential, and in many cases, meaningful downside protections. On the societal implications of AI, I've been extensively engaged on this topic since I made a …
Blackstone expects to lease over three times more data center capacity this year than any other year in its history. — Unprecedented leasing volume indicates explosive demand for compute, directly benefiting hyperscalers who are the primary tenants, but also signaling potential supply constraints for chip and power infrastructure.
… leadership position in this sector. The market for long-term ownership of stabilized data centers is nascent today, but we think it could grow to $1 trillion over time and beyond, representing massive potential for BXDC. In addition to these new ventures, we're seeing extraordinary momentum in our data center platform, which has grown to $185 billion of total value, including facilities under construction, up from $130 billion at the start of just this year. We expect to lease over three times more capacity this year than any other year in our history. If we execute on our pipeline, our data center platform could double over the next few years. Growth of this type, underpinned by long duration leases with some of the highest quality and most credit worthy customers in the world, is a compelling illustration of what can be created in private markets. and while it's still early in the lifecycle of our data center investments, as one indication of their significant embedded value, we recently sold our stake in a collection of fully leased assets that are still under construction at a multi-billion dollar gain. Meanwhile, in energy, we continue to actively invest to help meet rising …