Blackstone’s Jon Gray says AI infrastructure needs more equity financing

Blackstone President Jon Gray said AI infrastructure buildout relies too heavily on debt and needs more equity financing to reduce systemic risk. The warning comes as capital spending on data centers and compute scales rapidly, with debt-funded projects raising concerns about financial exposure if growth slows. Gray’s comments signal that private capital, including infrastructure and equity funds, may need to absorb a larger share of AI-related investment. The remarks matter for credit markets and asset managers exposed to AI-linked borrowing. Watch for shifts in financing structures and equity raises across data center and compute projects.