Blackstone Is Finalizing $3.5 Billion Loan for Australia AI Firm

Private credit giant Blackstone Inc. is finalizing a loan of more than A$5 billion ($3.5 billion) to fund the data center expansion of Australian startup Firmus Technologies Pty., people familiar with the matter said, the latest in digital infrastructure funding tied to the AI boom.

The completion of the deal could be announced as soon as next week, the people said, who asked not to be identified discussing private matters. The financing comes amid a broader selloff in technology stocks this week as investor concerns over surging AI-related spending prompted a pullback.