Blackstone moves to list AI-focused data centre acquisition vehicle

Blackstone Inc has taken the first formal step toward launching an initial public offering for a newly created investment platform designed to acquire and own operational data centres, as demand for AI infrastructure continues to surge, according to a report by Bloomberg.

The report cites a filing submitted to the US Securities and Exchange Commission as showing that the proposed vehicle – Blackstone Digital Infrastructure Trust Inc – will focus on purchasing recently developed data centre assets valued roughly between $250m and $1.5bn. These facilities are expected to be leased primarily to investment-grade hyperscale operators.

The strategy targets stable, long-duration income streams, with projected net yields in the region of 5.75% to 7% or higher. In addition, lease agreements are expected to include annual rent escalation clauses of approximately 2% to 3%, according to the filing.

Blackstone is aiming to raise around $2bn in the IPO, with marketing activity potentially beginning later this month, according to earlier reporting from Bloomberg. The group has already begun discussions with sovereign wealth funds and other large institutional investors as it looks to seed the strategy, with long-term fundraising ambitions reaching tens of billions of dollars.

The move further extends Blackstone’s aggressive expansion into digital infrastructure, a core pillar of its broader strategy to capitalise on rising demand for computing power driven by artificial intelligence workloads. It also reflects the firm’s continued push to broaden access to alternative assets beyond traditional institutional investors.

The proposed trust will be structured as a real estate investment trust (REIT) and is expected to rank among the largest public REIT offerings on record if completed at scale.

Under the structure, the vehicle will be externally managed by an affiliate of Blackstone, which will earn both base management and performance-based fees. The arrangement also gives the platform priority access to data centre acquisitions sourced across Blackstone’s wider investment ecosystem. An affiliated entity is also expected to participate as a cornerstone investor in the IPO.

A consortium of global banks has been mandated to lead the offering, including Goldman Sachs Group Inc, Citigroup Inc, Morgan Stanley, Barclays Plc, Bank of America Corp, Deutsche Bank AG, JPMorgan Chase & Co, Royal Bank of Canada and Wells Fargo & Co.

If completed, the shares are expected to trade on the New York Stock Exchange under the ticker BXDC.