• Blackstone (NYSE:BX) has invested in AI data center company Firmus alongside investors such as Nvidia and Coatue, expanding its exposure to AI infrastructure.
• The Firmus funding round positions Blackstone in a growing ecosystem of capital flowing into data center and AI related assets.
• Separately, Blackstone's extended merger agreement with TXNM Energy remains under regulatory and legal scrutiny, with public calls for customer rate credits adding pressure.
• The combination of the Firmus investment and the TXNM Energy merger process keeps Blackstone closely watched by regulators, customers and limited partners.

Consider reviewing other stocks with exposure to AI infrastructure and related assets through 55 AI infrastructure stocks

Blackstone sits at the intersection of private equity, credit and real assets, so its moves often matter for investors watching capital flows across public and private markets. The stock trades at $137.13 and its track record over 3 and 5 years, with returns of 53.3% and 42.3%, highlights how sentiment around its fee streams and asset growth can shift over multi year periods.

How does Firmus fit into Blackstone’s broader infrastructure push?

Firmus slots directly into Blackstone’s push across digital and energy infrastructure. Blackstone is already involved in a US$16.0b, 20.5 year lease and leaseback joint venture with Kuwait Oil Company that is tied to pipeline tariffs. It is also in discussions to buy an Australian loan portfolio worth more than A$30b for its private credit unit, handled by the same credit platform that lends to Firmus. Together, these moves show Blackstone using its credit and infrastructure arms to support AI data centers, pipelines and large loan books. This can deepen relationships with clients and potentially create repeat fee opportunities across strategies.

What does this mean for the Blackstone Narrative around earnings resilience?

The existing Narrative for Blackstone centers on fee based growth in private credit, infrastructure and wealth. The Firmus investment, the Kuwait pipeline joint venture and the potential HSBC Australia loan portfolio all sit neatly inside that story. They expand Blackstone’s reach into AI data centers, long dated tariff assets and secured lending. The counterpoint is that the extended TXNM Energy merger process and calls for TXNM customer rate credits keep regulatory and political risk in focus, which can affect how comfortably investors view large, complex infrastructure and utility adjacent deals.

What should investors watch next around Blackstone’s AI and utility exposure?

The clearest early signal will be regulatory milestones. For TXNM Energy, the key reference point is the New Mexico Public Regulation Commission process, since it remains the final hurdle before the extended merger deadline in May 2027. On the AI side, investors can watch how quickly Firmus deploys the US$2b funding round into Project Southgate in Australia and whether Blackstone’s credit unit is formally announced as buyer of HSBC’s A$30b plus Australian loan portfolio. Progress on these fronts would show how effectively Blackstone is converting AI and infrastructure headlines into concrete, scalable assets.

For the full picture including more risks and rewards, check out the complete Blackstone analysis. Alternatively, you can check out the community page for Blackstone to see how other investors believe this latest news will impact the company's narrative.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.