Blackstone credits QTS data centers as top driver of 2025 gains

Blackstone said QTS, the data-center provider it took private in 2021, was the single largest driver of gains in the firm’s $1.3 trillion portfolio in 2025, the company reported. On a year-end call, co-founder and chairman Stephen Schwarzman called QTS "the world's largest data center platform." President Jon Gray said investor interest in artificial intelligence was a chief reason for strong inflows, with the company reporting $239 billion of inflows for the year, its highest total since 2021.

Blackstone's infrastructure platform — powered by data-center appreciation — grew 40% during the year to $77 billion and raised $4 billion from investors in the fourth quarter. Infrastructure investments returned 8.4% for the quarter and 23.5% for the year. The firm’s $54 billion retail real-estate fund, BREIT, generated 8.1% returns and is heavily invested in QTS, while broader real estate posted weaker results.

Gray said QTS, which Blackstone originally bought for $10 billion, was the "largest single driver of returns" for Blackstone Infrastructure Partners and in real estate. Blackstone has also invested in AI developers and related infrastructure, and last year announced an $11.5 billion acquisition of TXNM Energy; in 2024 it joined investors providing CoreWeave a $7.5 billion loan.

Schwarzman said the firm will continue to lean into digital infrastructure, power, electrification, and private credit.

blackstone, qts data center platform, stephen schwarzman, jon gray, ai-driven inflows, blackstone infrastructure partners, breit real estate fund, private credit business, txnm energy acquisition, coreweave $7.5 billion loan, anthropic and openai, data center appreciation