Blackstone Hits $1.35 Trillion in Assets as AI Bets Drive Earnings

The firm’s distributable earnings rose to $1.98 billion, or $1.52 a share, compared to $1.21 a share during the same period last year. Fee-related earnings saw a 22% increase, reaching $1.78 billion, as total revenue climbed to $5.04 billion from $3.71 billion. Chief Executive Stephen Schwarzman attributed this momentum to the firm’s focus on the AI megatrend, which he claims is generating standout performance across various investment strategies.

Blackstone’s commitment to the sector is anchored by its status as the world’s largest provider of data centers. Following the 2021 acquisition of QTS Realty Trust and the 2024 deal for AirTrunk, the firm has also taken positions in CoreWeave, Anthropic, and OpenAI. Furthermore, a partnership with Google to launch an AI cloud company, backed by $5 billion in initial equity, highlights the firm's intention to command the infrastructure supporting large-scale computing.

Capital reserves remain robust, with $228.1 billion in dry powder available for future deployment. Of this unspent capital, $91.7 billion is earmarked for private equity, while $83.6 billion is allocated to credit and insurance. Having invested $34.2 billion during the second quarter alone, the firm maintains a liquid position with $12.2 billion in cash and cash equivalents, signaling readiness for further expansion in the AI and infrastructure markets.