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(Bloomberg) — Blackstone Digital Infrastructure Trust Inc. is seeking to raise as much as $1.75 billion in a US initial public offering, offering investors the chance to capitalize on a surge in building artificial intelligence infrastructure.
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The asset manager’s data-center acquisition vehicle aims to buy already-built and leased properties benefiting from the AI boom. It plans to market shares for $20 each, according to its filing Monday with the US Securities and Exchange Commission.
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Investors in the offering will receive an additional 1% of their purchase in bonus shares, rounded down to the nearest whole share, the filing shows.
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The company will target newly built data centers valued at between $250 million and $1.5 billion and leased to investment-grade hyperscalers, the filing shows.
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The move encapsulates two of the $1.3 trillion alternative-asset manager’s biggest initiatives: its bid to become the world’s largest investor in AI infrastructure and its push beyond pensions and endowments to reach individual investors. The offering also builds on Blackstone’s broader push into data centers.
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“With an estimated $1 trillion total addressable stabilized data center market expected over the next five years, we believe the industry represents a substantial investment opportunity,” the company disclosed in its filing.
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An affiliate of Blackstone Inc. has indicated an interest in buying as much as $200 million of shares in the vehicle, less the aggregate purchase price of the bonus shares, the filing shows.
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Blackstone Digital Infrastructure Trust will be externally managed by a Blackstone-affiliated entity in return for base and incentive fees and will have priority over other Blackstone funds for data-center acquisitions sourced by the firm.
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The offering is being led by 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. The shares are expected to trade on the New York Stock Exchange under the symbol BXDC.
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