Jon Gray Expects Meta, Google and Oracle to Pursue AI Equity Raises

Blackstone President Jon Gray expects Meta, Google and Oracle to pursue equity raises for AI expansion; possible SpaceX and Anthropic listings could compete for investor capital if pursued.

Gray made the remarks at the Global Financial Leaders’ Investment Summit in Hong Kong on Nov. 3. He linked the expected raises to demand for computing capacity growing faster than available supply as companies expand AI operations.

Gray named SpaceX and Anthropic as possible initial public offering (IPO) candidates. Neither listing is confirmed. If those IPOs proceed alongside the expected equity raises, they could draw from the same pool of investor capital.

In an earlier projection, Gray put combined capital expenditures by five hyperscalers at $415 billion in 2025 and $820 billion by 2026, or about 2.5% of U.S. gross domestic product. He has separately argued that AI demand is outpacing infrastructure supply, describing the issue in his earlier remarks on capacity shortages. Blackstone has directed capital toward data centers and power assets.