Blackstone's new investment vehicle, Blackstone Digital Infrastructure Trust (BXDC), opened flat at $20 a share on Thursday after raising $1.75 billion in its IPO. The trust plans to acquire data center assets, capitalizing on the surging demand for AI infrastructure.
The launch comes during a busy week for billion-dollar IPOs in the AI sector, which also includes chipmaker Cerebras and geothermal energy firm Fervo Energy.
The vehicle will invest primarily in newly constructed data centers leased to top-tier hyperscale tenants. Blackstone has identified $25 billion in near-term opportunities in key markets like Northern Virginia, Ohio, Phoenix, Maryland, and Austin.
Spending on AI infrastructure by Big Tech is expected to exceed $700 billion by 2026. For now, investors are betting on Blackstone's track record. The firm holds over $150 billion in data center assets globally, including QTS and AirTrunk.
QTS, taken private by Blackstone in 2021, has seen leased megawatts grow 14 times, making it the asset manager's most profitable investment to date.