Blackstone Raises $1.75B In Largest Pure-Play Data Center REIT IPO
BXDC pricing mechanics, sponsor commitment, hyperscaler lease structure, $25 billion acquisition pipeline
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Blackstone Digital Infrastructure Trust raised $1.75 billion in its initial public offering on May 13 and 14, 2026, listing on the New York Stock Exchange under the ticker BXDC.
The offering was led by Goldman Sachs, Citigroup, Morgan Stanley, Barclays, Bank of America Securities, Deutsche Bank, JPMorgan, RBC Capital Markets, and Wells Fargo Securities.
Eight additional co-managers participated, including BNP Paribas, SMBC Nikko, and Société Générale.
Proceeds will fund acquisitions of stabilized data centers in Northern Virginia, Phoenix, Austin, Ohio, and Maryland, leased to investment-grade hyperscalers on long-term triple-net contracts.
BXDC priced 87.5 million shares at $20 apiece and began trading on May 14, 2026.
Pricing And Sponsor Commitment
The offering carried a 30-day overallotment option of up to 12.995 million additional shares, which, if exercised in full, would bring total gross proceeds to approximately $2.0 billion and shares outstanding to 100.6 million.
IPO investors received a 1% bonus share allocation, effectively reducing the purchase price to $19.80 per share.
An affiliate of Blackstone Inc., Blackstone Treasury Holdings III, also committed $200 million on the same terms as other investors, net of the bonus share adjustment.
The Blackstone commitment represents approximately 11% of the base offering.
Investment Mandate And Acquisition Pipeline
BXDC was incorporated in Maryland in November 2025 as a blind-pool acquisition vehicle and held no operating assets at IPO close.
The mandate targets stabilized data centers valued between $250 million and $1.5 billion per facility, typically 20 to 100 megawatts per site, leased to investment-grade hyperscale tenants on 10-to-20-year triple-net contracts with 2% to 3% fixed annual rent escalators.
Target gross asset yields range from 5.75% to 7%, with long-term leverage targeted at approximately 40% loan-to-value.
Blackstone has identified approximately $25 billion in qualifying near-term acquisition opportunities, with a 24-month priority access window for BXDC over qualifying stabilized assets sourced by Blackstone.
Blackstone Platform Sequencing
BXDC sits at the public layer of a multi-platform digital infrastructure stack Blackstone has assembled since 2018.
Blackstone took QTS Realty Trust private for about $10 billion in 2021 and acquired AirTrunk for A$24 billion (≈$16 billion) with CPPIB in 2024, expanding its hyperscale footprint across key markets.
In early 2026, it also bought a 49% stake in Rowan Digital Infrastructure for ~$3.8 billion, gaining control rights over 3.5 GW across 20 sites.
Blackstone has stated that it has invested over $150 billion in data center and digital infrastructure assets globally since 2018. The BXDC S-11 was filed on April 10, 2026.
Management Structure And Leadership
BXDC is externally managed by BX REIT Advisors L.L.C., a Blackstone affiliate.
The trust is led by Mike Forman, Global Head of Digital Infrastructure for Blackstone Real Estate, and Nick Pell, former President of Link Logistics.
BXDC will deploy IPO proceeds against its identified pipeline following close, with quarterly distributions to shareholders required under REIT tax treatment.