Blackstone's Jas Khaira on separating AI hype from lasting value at Disrupt 2026

The capital challenge reshaping AI startups

Today's AI companies can achieve growth trajectories that would have seemed impossible just years ago. Yet this acceleration brings a harsh constraint: building and scaling AI infrastructure demands capital at levels that force founders to commit resources before they can be certain their early success will translate into a durable enterprise.

The question facing investors and founders alike is straightforward but consequential: what divides AI businesses with genuine staying power from those simply riding a wave of early traction?

At TechCrunch Disrupt 2026, Jas Khaira, global head of Blackstone N1, will address this divide during a Builders Stage session titled "Building the Next Generation of AI Giants." His remarks will explore how Blackstone identifies category-defining companies, how founders should approach capital deployment during scaling phases, and what separates companies with enduring potential from those with momentary momentum.

The right financing can unlock the infrastructure, talent pools, and geographic expansion necessary to compete at scale. Yet simply securing more capital does not automatically produce a stronger business.

Infrastructure and implementation reshape the funding landscape

AI company financing now extends well beyond traditional product development and customer acquisition. Compute resources, data center operations, and foundational infrastructure can impose substantial capital demands as organizations expand.

A recent Blackstone investment underscores this reality. The firm and its co-investors committed to investing as much as $600 million in primary equity in Neysa, an Indian AI infrastructure company, which itself planned to secure an additional $600 million through debt financing.

Capital deployment extends beyond infrastructure plays. Anthropic announced the launch of Ode with Anthropic in July, an AI implementation company established through a $1.5 billion joint venture involving Blackstone, Hellman & Friedman, Goldman Sachs, and additional partners.

These commitments position Blackstone at the center of critical conversations about AI expansion: identifying where capital should flow, determining which opportunities justify investment, and assessing which enterprises possess the foundation for long-term viability.

Beyond early traction: what creates enduring AI businesses

Rapid expansion can draw customers, talent, and investor interest. Khaira's analysis will move past this initial phase to examine the underlying factors that enable businesses to persist and the criteria Blackstone applies when assessing the emerging wave of category-defining enterprises.

Accelerated growth often forces consequential financing choices at an early stage. Founders frequently navigate capital raises while simultaneously developing products, assembling teams, pursuing customers, and testing whether the competitive advantages fueling current growth will endure.

About Jas Khaira and Blackstone's AI strategy

Khaira has been with Blackstone since 2004 and currently serves as global head of both Blackstone N1 and Blackstone Growth, in addition to leading tactical opportunities for the Americas region. He participates on multiple investment committees within the organization and established Blackstone N1, the platform dedicated to growth, hybrid, and perpetual private equity investing across the AI sector and high-growth technology enterprises.

Disrupt 2026 details and networking opportunities

"Building the Next Generation of AI Giants" represents one of more than 200 sessions scheduled across six industry stages, roundtables, and breakout sessions at Disrupt, taking place October 13–15 at Moscone West in San Francisco. The event anticipates attendance from more than 10,000 founders, investors, operators, and technology leaders, alongside 250+ speakers and 300+ exhibiting startups.

Beyond formal programming, the conference facilitates matchmaking, deal discussions, and informal networking that connect attendees with prospective investors, customers, partners, and fellow founders navigating comparable obstacles.

For AI founders, securing capital represents a significant milestone. Converting that capital into a company capable of sustained performance constitutes the more demanding undertaking. Khaira will offer Blackstone's investor perspective on this challenge, providing founders insight into how the firm evaluates companies positioned to shape AI's next chapter.