Blackstone Is Building a $25 Billion Empire of Power-Hungry Data Centers

Blackstone is betting big on AI, plowing billions into data centers after its $10 billion takeover of QTS last year. The private equity giant is bankrolling the development of massive computing bunkers on hundreds of acres in Phoenix and other key markets to meet exploding demand from tech titans like Microsoft. With AI taking hold, QTS has become North America's top provider of leased data center capacity. But the data crunch has strained power grids. QTS estimates its data centers will tap 6 gigawatts of electricity, equal to the needs of 5 million homes.

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