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Shares of CoreWeave and Nebius fell nearly 4.5% on Tuesday after Blackstone and Google announced a major joint venture focused on building a new artificial intelligence cloud infrastructure company powered by Google’s Tensor Processing Units (TPUs). The move is expected to intensify competition in the rapidly expanding AI infrastructure market and challenge existing AI cloud providers.
The new U.S.-based venture will deliver large-scale data center capacity, networking, and operational services while offering Google Cloud TPUs through a compute-as-a-service model. This gives enterprise customers another way to access Google’s advanced AI chips outside of the traditional Google Cloud platform. Industry analysts believe the partnership could directly compete with companies such as CoreWeave, which specialize in AI-focused cloud computing solutions.
Blackstone has committed an initial $5 billion in equity capital through funds it manages. The company plans to bring the first 500 megawatts of AI data center capacity online by 2027, with ambitions to significantly expand operations in the years ahead. Google will provide the TPU hardware, along with supporting software and cloud services for the platform.
Google’s Tensor Processing Units are custom-built AI chips designed to accelerate machine learning workloads, including AI model training and inference. The technology has been used internally by Google for more than a decade and currently supports workloads for AI research labs, financial firms, and high-performance computing companies.
Benjamin Treynor Sloss, a longtime Google infrastructure executive, will serve as CEO of the new company. Blackstone President and COO Jon Gray described the initiative as a “generational opportunity” to invest in AI infrastructure at scale.
Google Cloud CEO Thomas Kurian added that the partnership will help meet surging demand for TPUs as artificial intelligence adoption continues to grow globally.
