In May, Blackstone unveiled a new joint venture with Google that revolved around a big number: The Wall Street giant was promising to spend $5 billion to buy 500 megawatts’ worth of Google’s tensor processing units, and it said it would use the chips in a new company that would deliver computing power to leading AI firms.

Four months later, Blackstone’s plans have only gotten larger, according to a person with knowledge of the effort. Blackstone actually anticipates buying many more TPUs—several “multiples” beyond the originally announced figure, the person said.

In other words, Blackstone is likely to commit tens of billions of dollars to securing multiple gigawatts of AI chips. Blackstone declined to comment on exactly how many more TPUs it’ll buy.

Jas Khaira, the leader of a Blackstone team dubbed N1 that is leading the company’s push into AI investments, said in an interview that the firm’s “biggest conviction bet continues to be compute.” The company, he said, views the infrastructure build-out as something that will be bigger than a simple technology cycle. “This is definitely more akin to an industrial revolution,” he said.

Anton Levy, the former co-president and chair of the global technology group at General Atlantic, has raised more than $1.1 billion for his inaugural fund, a sign that he has been able to compete with some of the biggest names in venture and growth equity during a challenging environment for ...