Blackstone’s Jas Khaira says fears over AI-buildout debt are overblown
techcrunch ·
Jas Khaira of Blackstone argues that market fears regarding debt in the AI infrastructure buildout are exaggerated, despite recent volatility. Blackstone has positioned itself as a key financier by offering flexible capital structures, including significant loans to neocloud providers like CoreWeave and Firmus. The firm leverages its $1.3 trillion asset base to invest heavily in compute resources, becoming one of the largest owners of compute outside major hyperscalers. Although rising interest rates and credit spreads have caused stock declines and cancelled IPOs for some companies, Khaira maintains that the underlying assets remain secure. He emphasizes that much of this debt is backed by highly creditworthy customers such as Microsoft and Meta, distinguishing it from risky lending seen in past crises. Beyond infrastructure financing, Blackstone is also supporting AI adoption through initiatives like the Ode joint venture with Anthropic. While acknowledging uneven returns on investment across portfolio companies, Khaira dismisses concerns about a systemic credit crisis or economic crash driven by AI debt.
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