Blackstone President Jon Gray said in Hong Kong that the artificial intelligence infrastructure buildout will require more equity financing because lenders are becoming increasingly exposed to the companies making those investments. Emmanuel Roman put AI-related capital spending at approximately $10 trillion over the next five years, while roughly $550 billion in AI-related debt was issued in 2026. Gray expects five major cloud providers to spend a combined $820 billion in 2026, up from $415 billion in 2025, equal to about 2.5% of US GDP. Meta, Google, Oracle, SpaceX and Anthropic are therefore expected to undertake significant capital raises or initial public offerings, while Blackstone is involved in a $63 billion financing package linked to Anthropic.
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