Blackstone’s Jas Khaira on the High-Stakes Math of AI Scaling

Founders often face financing crossroads long before they can determine if early market momentum will translate into an enduring business. As global head of Blackstone N1, Khaira oversees the firm’s investments into the AI ecosystem, including major capital deployments like the $600 million infusion into Neysa and the $1.5 billion joint venture behind Anthropic’s Ode. These deals highlight a shift in how investors evaluate potential winners: the focus has moved from simple product growth to the long-term viability of companies managing expensive data centers and infrastructure.

At the Builders Stage in San Francisco, Khaira will dissect the criteria Blackstone uses to separate short-term hype from category-defining longevity. The session aims to provide founders with a framework for balancing product development with the heavy capital requirements necessary to compete. With over 10,000 industry leaders expected at Moscone West from October 13–15, the discussion serves as a pragmatic guide for those navigating the transition from early-stage startup to a permanent fixture in the AI landscape.