TechCrunch Disrupt 2026: Blackstone’s Jas Khaira on building the next generation of AI giants
TechCrunch Disrupt 2026: Blackstone’s Jas Khaira on building the next generation of AI giants
TechCrunch Disrupt 2026：黑石集团 Jas Khaira 谈如何打造下一代人工智能巨头
AI startups can grow at a speed that would have been difficult to imagine a generation ago. But rapid growth comes with another reality: Scaling AI can require enormous amounts of capital, and founders have to make financing decisions long before they know whether early momentum will turn into an enduring business. So what separates the AI companies built to last from those simply growing fast? 人工智能初创公司的成长速度在上一代人看来是难以想象的。但快速增长伴随着另一个现实：扩展人工智能业务可能需要巨额资本，创始人必须在确定早期势头能否转化为持久业务之前，就做出融资决策。那么，究竟是什么将那些能够长久发展的 AI 公司与仅仅增长迅速的公司区分开来呢？
At TechCrunch Disrupt 2026, Jas Khaira, global head of Blackstone N1, will take the Builders Stage for “Building the Next Generation of AI Giants.” He’ll share what Blackstone looks for when backing category-defining companies, how founders should think about capital as they scale, and what distinguishes lasting businesses from early traction. 在 TechCrunch Disrupt 2026 大会上，黑石集团 Blackstone N1 全球负责人 Jas Khaira 将登上“建设者舞台”（Builders Stage），探讨“打造下一代人工智能巨头”。他将分享黑石在支持行业定义型公司时所看重的因素，创始人应如何思考规模化过程中的资本运作，以及持久型企业与仅有早期吸引力的公司有何区别。
The right capital can fund the infrastructure, talent, and expansion needed to compete. But raising more money isn’t the same thing as building a stronger company. Secure your Disrupt pass to hear how one of the world’s largest alternative asset managers evaluates the companies trying to become AI’s next giants. Bring your co-founder, partner, colleague, or peer with a 50% discount on their pass. Bring a group of four or more for additional savings. 合适的资本可以为竞争所需的基础设施、人才和扩张提供资金。但筹集更多资金并不等同于建立一家更强大的公司。请购买您的 Disrupt 大会门票，听听全球最大的另类资产管理公司之一是如何评估那些试图成为 AI 下一代巨头的公司的。携带您的联合创始人、合作伙伴、同事或同行，他们的门票可享 5 折优惠。四人及以上团体购票还可享受额外折扣。
AI is changing the capital equation
人工智能正在改变资本等式
Building an AI company can mean financing more than product development and customer acquisition. Compute, data centers, and other infrastructure can add significant capital requirements as companies grow. One recent Blackstone investment illustrates the scale. Blackstone and co-investors agreed to invest up to $600 million in primary equity in Indian AI infrastructure company Neysa, which planned to raise an additional $600 million in debt financing. 建立一家人工智能公司，其融资需求往往不仅限于产品开发和客户获取。随着公司的成长，计算能力、数据中心和其他基础设施可能会带来巨大的资本需求。黑石最近的一项投资就体现了这种规模：黑石与联合投资者同意向印度 AI 基础设施公司 Neysa 投资高达 6 亿美元的原始股权，该公司还计划额外筹集 6 亿美元的债务融资。
Capital is flowing into more than infrastructure. In July, Anthropic launched Ode with Anthropic, an AI implementation company backed through a $1.5 billion joint venture with Blackstone, Hellman & Friedman, Goldman Sachs, and others. Those investments put Blackstone close to some of the biggest questions surrounding AI growth: where capital is needed, which opportunities warrant it, and what businesses have the potential to endure. 资本流向的不仅仅是基础设施。今年 7 月，Anthropic 推出了 AI 实施公司“Ode with Anthropic”，该项目通过与黑石、Hellman & Friedman、高盛等机构共同出资 15 亿美元的合资企业获得支持。这些投资使黑石能够深入接触围绕 AI 增长的一些核心问题：哪里需要资本、哪些机会值得投资，以及哪些企业具备持久发展的潜力。
If your company is approaching the point where growth requires significantly more capital, get your ticket to Disrupt and hear how Khaira thinks about the decisions that come with scaling. Save 50% on a second pass to share the insights. 如果您的公司正处于增长需要大量额外资本的阶段，请购买 Disrupt 门票，听听 Khaira 对规模化过程中所面临决策的见解。购买第二张门票可享 5 折优惠，与他人分享这些洞察。
What separates momentum from staying power?
是什么将“势头”与“持久力”区分开来？
Fast growth can attract customers, employees, and investors. Khaira will look beyond that early momentum to what makes a business endure and what Blackstone considers when evaluating the next generation of category-defining companies. Rapid growth can force big financing decisions early. Founders may be raising capital while simultaneously building products, hiring teams, competing for customers, and determining whether the advantages driving today’s growth can hold up over time. 快速增长可以吸引客户、员工和投资者。Khaira 将超越这种早期的势头，探讨是什么让企业能够长久生存，以及黑石在评估下一代行业定义型公司时会考虑哪些因素。快速增长可能会迫使创始人过早做出重大的融资决策。创始人可能需要在构建产品、招聘团队、争夺客户的同时进行融资，并判断驱动当前增长的优势是否能够经受住时间的考验。
Add “Building the Next Generation of AI Giants” to your Disrupt agenda for an investor’s perspective on evaluating early momentum, financing growth, and building for the long term. 将“打造下一代人工智能巨头”加入您的 Disrupt 日程，从投资者的角度了解如何评估早期势头、为增长融资以及进行长期建设。
An investor’s view of what comes next
投资者眼中的未来
Jas Khaira joined Blackstone in 2004 and is global head of Blackstone N1 and Blackstone Growth, as well as head of Tactical Opportunities Americas. He serves on several of the firm’s investment committees and founded Blackstone N1, its platform for growth, hybrid, and perpetual private equity investing across the AI ecosystem and next-generation high-growth companies. Jas Khaira 于 2004 年加入黑石，现任 Blackstone N1 和 Blackstone Growth 全球负责人，同时担任美洲战术机会投资（Tactical Opportunities Americas）负责人。他在公司多个投资委员会任职，并创立了 Blackstone N1，这是一个专注于 AI 生态系统和下一代高增长公司的成长型、混合型及永久性私募股权投资平台。
Want to know what an investor at Blackstone’s scale looks for before committing capital? Secure your Disrupt pass and hear directly from Khaira on the Builders Stage. Bring another person with you to share the insights at 50% off their pass. 想知道黑石这样规模的投资者在投入资本前会看重什么吗？请购买 Disrupt 门票，在“建设者舞台”直接聆听 Khaira 的分享。携带一名同伴，对方门票可享 5 折优惠。
Learn how to build for what comes after the early momentum
学习如何在早期势头之后持续建设
“Building the Next Generation of AI Giants” is one of 200+ sessions across six industry stages, roundtables, and breakouts at Disrupt, taking place October 13–15 at Moscone West in San Francisco. More than 10,000 founders, investors, operators, and tech leaders are expected, along with 250+ speakers and 300+ exhibiting startups. “打造下一代人工智能巨头”是 Disrupt 大会 200 多场会议中的一场，会议涵盖六个行业舞台、圆桌讨论和分组会议，将于 10 月 13 日至 15 日在旧金山 Moscone West 举行。预计将有超过 10,000 名创始人、投资者、运营者和科技领袖参加，同时还有 250 多位演讲嘉宾和 300 多家参展初创公司。
In addition, matchmaking, dealmaking, and ad hoc networking give attendees opportunities to connect with potential investors, customers, partners, and other founders tackling many of the same challenges. For AI founders, raising capital may be one milestone. Deciding how to use it to build a company that lasts is a much bigger challenge. 此外，配对交流、交易撮合和临时社交活动为参会者提供了与潜在投资者、客户、合作伙伴以及其他面临同样挑战的创始人建立联系的机会。对于 AI 创始人来说，筹集资金可能只是一个里程碑，而决定如何利用这些资金建立一家长久发展的公司则是一个更大的挑战。
At Disrupt, Khaira will bring the investor’s perspective to that question and give founders a closer look at what Blackstone sees when it evaluates the companies aiming to define the next generation of AI. Secure your pass to TechCrunch Disrupt 2026 and get an investor’s perspective on what it takes to build an AI company for the long haul. 在 Disrupt 大会上，Khaira 将从投资者的角度探讨这一问题，让创始人更深入地了解黑石在评估那些旨在定义下一代 AI 的公司时所关注的重点。购买 TechCrunch Disrupt 2026 门票，从投资者的视角了解打造一家长久 AI 公司所需的条件。