Blackstone files data‑centre IPO

Blackstone filed on April 10 for a United States initial public offering of Blackstone Digital Infrastructure Trust, a new vehicle built to buy leased data centers. (blackstone.com) The company said it publicly filed a Form S-11 with the Securities and Exchange Commission and plans to list on the New York Stock Exchange under the ticker BXDC if the deal goes ahead. (sec.gov) (blackstone.com) Blackstone said the trust will focus on “stabilized, newly-constructed” data centers, and Renaissance Capital reported the filing was made Friday, April 10, after a confidential submission on December 16, 2025. (blackstone.com) (renaissancecapital.com) A data center is a warehouse-sized building full of servers that store and process information, and Blackstone is packaging those buildings in a real estate investment trust that public-market investors can buy. (sec.gov) (renaissancecapital.com) The filing targets newly built properties leased to investment-grade hyperscalers, the cloud giants that rent huge blocks of computing capacity for services including artificial intelligence workloads. Bloomberg, via Yahoo Finance, reported the assets would be valued between $250 million and $1.5 billion each. (sg.finance.yahoo.com) (renaissancecapital.com) Bloomberg, via Yahoo Finance, reported Blackstone plans to raise about $2 billion, which would make the deal one of the 10 biggest real estate investment trust initial public offerings on record. (sg.finance.yahoo.com) The same report said the properties are expected to yield 5.75 percent to 7 percent annually, with rent escalators of 2 percent to 3 percent a year, giving investors a pitch built around contracted cash flow rather than speculative development. (sg.finance.yahoo.com) Blackstone is also widening its buyer base. Bloomberg, via Yahoo Finance, said the firm had approached sovereign wealth funds and other institutions for early commitments while pushing further beyond pensions and endowments toward individual investors. (sg.finance.yahoo.com) The trust will be externally managed by a Blackstone affiliate, which Bloomberg, via Yahoo Finance, said will collect base and incentive fees and get priority for data-center acquisitions sourced by the firm. (sg.finance.yahoo.com) Blackstone said the offering is still subject to market conditions and Securities and Exchange Commission effectiveness, and it has not yet set the share count or price range. For now, the filing puts one of private capital’s biggest data-center bets on a public-markets timetable. (blackstone.com) (sec.gov)