IPOs, hard assets & AI investing

In his latest quarterly ‘Market Views’ commentary, Blackstone President Jon Gray offered a measured but optimistic take on the global economy — one grounded in perspective. From COVID to Russia's invasion of Ukraine to the current conflict in the Middle East, the US economy has weathered every storm, and Gray believes 2026 will be no different.

Gray is calling 2026 the year of the IPO, with some of the world's largest tech companies preparing to list and Blackstone carrying nine companies on file globally. On private credit, he pushed back firmly on the doom narrative — with an approximate 60% equity cushion absorbing first losses for most loans, senior debt holders are in a more protected place, including in software-focused private credit.

Finally, as hard asset investing comes into focus, Gray revealed Blackstone's ambition to be the world's largest investor in AI infrastructure, forecasting six gigawatts of data centre leases this year across its platforms — representing a staggering approximately US$300 billion wave of combined capital deployment.

Chapters

• 0:00 – Welcome to Market Views
• 0:26 – Economic Weather Report
• 1:48 – How Blackstone and Portfolio Companies Are Using AI
• 2:34 – 2026 Is the “Year of the IPO”
• 2:57 – Private Credit: Software & Separating the Facts from the Noise
• 6:16 – The Pivot to Hard Assets
• 6:38 – Investing in AI Infrastructure: Data Centers & Power

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