In May 2026, Blackstone announced a joint venture with Google to form a new U.S.-based company offering efficient data center capacity and Google Cloud TPUs as compute-as-a-service, underpinned by an initial US$5.00 billion equity commitment and plans for the first 500 MW of capacity to come online in 2027.
The record close of Blackstone Capital Partners Asia III at US$13.10 billion, far above its US$10.00 billion target, underlines investor confidence in Blackstone’s Asia private equity platform and reinforces its fee-based, diversified earnings model.
Next, we’ll examine how Blackstone’s record Asia fundraising and TPU-backed data center venture with Google shape its broader investment narrative.
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Blackstone Investment Narrative Recap
To own Blackstone, you generally need to believe in its ability to grow fee-based earnings across private markets while managing periods of market stress and redemption pressure. The Google TPU data center venture and the record Asia fund close both support the fee and diversification story, but they do not meaningfully change the near term risk that volatile markets, tariffs, and geopolitical uncertainty could slow realizations and delay capital deployment, weighing on earnings.
The most relevant recent development here is Blackstone Capital Partners Asia III closing at US$13.10 billion, well above its US$10.00 billion target. Together with the Google TPU joint venture, this reinforces the importance of fundraising strength and infrastructure exposure as potential catalysts for future fee growth, even as higher construction costs, trade tensions, and market volatility remain significant risks that could hit real estate values, realizations, and near term margins.
Yet against this growth story, investors should also be aware of the risk that prolonged volatility and weaker asset sales could…
Read the full narrative on Blackstone (it’s free!)
Blackstone’s narrative projects $21.5 billion revenue and $10.5 billion earnings by 2028. This requires 16.7% yearly revenue growth and a roughly $7.6 billion earnings increase from $2.9 billion today.
Uncover how Blackstone’s forecasts yield a $162.26 fair value, a 39% upside to its current price.
Exploring Other Perspectives
Some of the most optimistic analysts were already assuming Blackstone could lift revenue toward US$23.0 billion and earnings to about US$11.9 billion, but compared with concerns about fee pressure, redemptions, and regulatory scrutiny, this Google TPU partnership could push you to reconsider which side of that spectrum you lean toward and how the story might now evolve.
