Blackstone Inc. invested more than $500 million in Lancium Inc., which is building more than 5 gigawatts of data centers in West Texas with an eye on supplying the booming energy demand for artificial intelligence applications, according to people familiar with the matter.

The firm closed the equity stake in recent weeks in a transaction supporting Lancium's plans to build five facilities in wind- and solar-rich areas of the state, said the people, who asked to not be identified because the deal isn't public.