Blackstone’s AI data center bets face a tougher crowd: public investors

Blackstone spent years lending money to the AI data center boom at double-digit yields. Then it decided owning a piece of the action looked even better. That second decision is now under the microscope. In a Bloomberg Opinion column dated October 13, 2026, Shuli Ren argued that Blackstone’s AI data center equity investments “are looking shaky.” Her reason is that public investors have stopped applauding growth alone and started asking when these companies will actually break even. From lender to owner The pivot matters because debt and equity carry very different risks. A lender gets paid interest whether or not the borrower becomes a hit. An equity holder only wins if the business eventually produces real cash for shareholders. Blackstone’s exposure is not small. The firm owns 6.7% of Firmus, an AI infrastructure company. That stake came after Blackstone joined a $2 billion funding round in August 2026 that valued Firmus at more than $10.5 billion. Before writing that equity check, Blackstone had already played a role in a $10 billion debt facility for the company. So the firm moved from creditor to part-owner of the same business. The early signals from public markets have been c...