# hyperscaler capex — X 热门讨论 (2026-09-24 16:10 UTC)
## @ShanuMathew93 (Shanu Mathew) · 09-23 19:42 · ♥31 ↻9 💬1 Blackstone’s Jon Gray on AI spending, infrastructure demand and returns across the portfolio. A few numbers from his latest presentation:
>Hyperscaler CapEx: $415B in 2025 → $820B expected in 2026 across the five majors, roughly 2.5% of US GDP.
>Data centers: Blackstone expects to lease at least 6 GW in 2026, versus 2 GW in 2025 and 1 GW in 2024. Gray estimates nearly $100B of facility CapEx, before tenants add roughly $200B of chips.
>Enterprise adoption: Annualized Anthropic spending across BX portfolio companies, GP-stakes portfolio companies and borrowers rose from $25M in September 2025 to $525M in July 2026. That’s 21× in ten months.
>Operating benefits: Blackstone reports Phoenix Tower processes leases 5× faster at one-seventh the cost; Smartsheet generates 2.5× the output per engineer; Enverus develops products 3× faster.
>Customer service: Adevinta reports 80% lower cost per service ticket. Tricon’s rental application submission is 90% faster. SERVPRO has automated 50% of customer interactions with equal satisfaction.
>Physical constraints: Gray puts a fully built AI factory at roughly $55B/GW, including power, data centers and chips. GE Vernova turbine deliveries are queued into 2030–31. https://x.com/ShanuMathew93/status/2102846022485471423