• In May 2026, Blackstone announced a joint venture with Google to form a new U.S.-based company offering efficient data center capacity, operations, networking, and access to Google Cloud Tensor Processing Units as compute-as-a-service, backed by an initial US$5.00 billion equity commitment and targeting 500 MW of capacity online by 2027.
• The appointment of long-time Google infrastructure leader Benjamin Treynor Sloss as CEO signals that the venture aims to blend hyperscale engineering expertise with Blackstone’s capital and asset-management capabilities to address growing demand for AI-focused computing infrastructure.
• Next, we’ll examine how this US$5.00 billion AI data center initiative with Google interacts with Blackstone’s existing investment narrative and growth drivers.

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Blackstone Investment Narrative Recap

To own Blackstone, you generally need to believe in its ability to compound fee-based earnings by putting large pools of capital to work across private markets. The Google joint venture adds a large, visible AI infrastructure project but does not immediately change the near term earnings picture, which still hinges on deployment and realization activity. The biggest emerging risk is Blackstone’s growing exposure to complex, capital intensive digital infrastructure at a time of elevated market uncertainty.

The most relevant related development is Blackstone Digital Infrastructure Trust’s recent IPO, which raised over US$2.0 billion to buy mission critical data centers leased to investment grade hyperscale tenants. Together with the US$5.00 billion Google AI data center venture, this underscores how digital infrastructure is becoming a larger part of Blackstone’s growth story, potentially reinforcing its fee and deployment catalysts while also concentrating execution and technology risk in this area.

Yet against this backdrop of AI driven opportunity, investors should also be aware of the rising execution and technology risk that could...

Blackstone's narrative projects $21.5 billion revenue and $10.5 billion earnings by 2028. This requires 16.7% yearly revenue growth and a $7.6 billion earnings increase from $2.9 billion today.

Uncover how Blackstone's forecasts yield a $162.26 fair value, a 37% upside to its current price.

Exploring Other Perspectives

Some of the lowest estimate analysts were already cautious, assuming about US$21.9 billion of revenue and US$8.9 billion of earnings by 2029, and warning that Blackstone’s heavy push into digital infrastructure could backfire if technology shifts quickly. Their view is much more pessimistic about how efficiently Blackstone can scale ventures like the new Google AI data center platform, which shows how widely opinions can differ and why it is worth exploring several perspectives before you decide what you believe.

Explore 7 other fair value estimates on Blackstone - why the stock might be worth just $113.50!

Reach Your Own Conclusion

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Blackstone research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.
• Our free Blackstone research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Blackstone's overall financial health at a glance.

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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.