Google and Blackstone have formed a joint venture to build a US-based AI compute-as-a-service business built on Google's TPUs. Blackstone contributes $5bn in equity and takes majority ownership, with the total deal value reaching ~$25bn including leverage. The venture targets 500 MW of data-centre capacity by 2027. Structurally, it mirrors Blackstone's infrastructure-fund template, moving financing off Google's balance sheet while Google retains the TPU supply relationship. The JV is positioned as Google's direct answer to CoreWeave, offering non-NVIDIA silicon at cloud economics. Potential customers include foundation-model labs, enterprise inference workloads, and sovereign-AI buyers affected by NVIDIA export controls.
1.9K Impressions