Blackstone’s Jon Gray says AI’s capital appetite will force bigger fundraisings

The Blackstone president expects Meta, Google and Oracle to tap equity markets as demand for compute outruns supply Building artificial intelligence turns out to be very expensive. Blackstone President Jon Gray thinks the bills are about to get bigger, and that tech giants will have to raise a lot more money to pay them. Speaking at the Global Financial Leaders’ Investment Summit in Hong Kong on November 3, 2026, Gray said the AI boom will push tech companies toward more large-scale capital raisings. His reasoning is simple. Demand for chips, data centers and computing power is growing faster than anyone can build it. Who’s expected to pass the hat Gray pointed to a few of the biggest names in tech as likely candidates. Meta, Google and Oracle are expected to pursue significant equity fundraising to support their expanding AI operations. Gray also flagged two potential initial public offerings that could add to the pressure on capital markets: SpaceX and Anthropic. Neither is confirmed. Still, the mere possibility of both hitting public markets would mean a large new claim on investor money. The core issue, as Gray framed it, is an imbalance. The need for data centers and energy in...