AI startups are scaling faster than ever, but rapid growth brings a major challenge: building AI businesses can require enormous amounts of capital.
Founders often have to make decisions about fundraising, infrastructure and expansion long before they know whether early traction will develop into a sustainable business. That makes the question of what separates temporary momentum from lasting growth increasingly important.
At TechCrunch Disrupt 2026, Jas Khaira, global head of Blackstone N1, will explore that question during a Builders Stage session titled “Building the Next Generation of AI Giants.” He will discuss how Blackstone evaluates companies with the potential to become category leaders and how founders can approach capital as they scale.
AI is changing the capital equation
Building an AI company requires more than funding product development and customer acquisition. As businesses grow, expenses related to computing power, data centers and other infrastructure can become significant.
A recent Blackstone investment in Indian AI infrastructure company Neysa illustrates the scale of capital involved. Blackstone and its co-investors agreed to provide up to $600 million in primary equity, while Neysa planned to raise another $600 million through debt financing.
Investment is also extending beyond infrastructure. In July, Anthropic launched Ode with Anthropic, an AI implementation company backed through a $1.5 billion joint venture involving Blackstone, Hellman & Friedman, Goldman Sachs and other investors.
These investments put Blackstone close to some of the central questions surrounding the AI industry: where large amounts of capital are required, which opportunities justify that investment and what characteristics could help businesses remain competitive over time.
Growth does not guarantee staying power
Crowded Expo Hall at TechCrunch Disrupt 2017 in SF
Fast growth can attract customers, employees and investors, but it does not necessarily mean a company has built a durable business.
AI founders may have to raise significant funding while developing their products, hiring teams, competing for customers and determining whether the factors driving their current growth can survive as the market evolves.
Khaira’s Disrupt session will focus on what investors look for beyond early momentum and how companies can think about financing as they move toward larger-scale operations.
The challenge is not simply raising more money. Capital must also be directed toward the infrastructure, talent and expansion that can strengthen the underlying business.
An investor’s perspective on the AI boom
Khaira joined Blackstone in 2004 and currently serves as global head of Blackstone N1 and Blackstone Growth, as well as head of Tactical Opportunities Americas.
He founded Blackstone N1, the firm’s platform for growth, hybrid and perpetual private-equity investments across the AI ecosystem and other high-growth sectors. He also serves on several of Blackstone’s investment committees.
His experience comes as investors assess a rapidly expanding AI landscape that includes infrastructure companies, AI applications and businesses helping enterprises implement the technology.
For founders, that environment creates both opportunities and difficult financing decisions. Raising capital can accelerate expansion, but the timing and use of that capital can also shape a company’s long-term trajectory.
Building beyond the initial momentum
“Building the Next Generation of AI Giants” is one of more than 200 sessions at TechCrunch Disrupt 2026, which takes place October 13–15 at Moscone West in San Francisco.
The event is expected to bring together more than 10,000 founders, investors, operators and technology leaders, along with more than 250 speakers and 300 exhibiting startups.
For AI companies, securing funding may be an important milestone. The larger challenge is using that funding to build a business capable of sustaining growth as competition, infrastructure demands and market expectations increase.
Khaira’s session will offer an investor’s perspective on that challenge and on what Blackstone considers when evaluating companies seeking to become the next generation of AI leaders.
