Blackstone’s QTS Asks Banks for $2 Billion to Guarantee AI Power

Blackstone Inc.-backed data center operator QTS is in talks with banks for about $2 billion to help procure electricity, intensifying the race for ever-more creative forms of financing in the industry.

QTS is soliciting banks that will guarantee the fees it owes to utilities, according to people familiar with the matter, who asked not to be identified discussing confidential negotiations. The company expects to have as many as a dozen banks on the deal and is discussing pricing with several firms, one of the people said.

A representative for Blackstone declined to comment. Representatives for QTS didn’t respond to ...