Blackstone Digital Realty $7 Billion Data Center Portfolio

Status: Active Construction / Phase Rollouts (April 2026)   |   Location: Northern Virginia

Project Overview

As of April 2026, this $7 billion joint venture has emerged as a central pillar of Blackstone’s “stabilized asset” strategy, reflecting a broader shift toward de-risked, income-generating digital infrastructure. The partnership with Digital Realty spans 10 hyperscale data centers across four campuses, strategically located in some of the world’s most power-constrained yet high-demand markets. These facilities are purpose-built for hyperscale cloud and AI workloads, with an emphasis on rapid deployment, high-density design, and long-term lease structures with investment-grade tenants. Structurally, the JV operates under an 80/20 ownership split in favor of Blackstone, aligning capital scale with Digital Realty’s operational expertise. A key development in April 2026 was Blackstone’s filing for an IPO of the Blackstone Digital Infrastructure Trust (BXDC), a $2 billion vehicle intended to acquire these assets once they reach stabilization typically defined by full leasing and operational maturity. This approach allows Blackstone to recycle capital efficiently while offering public market investors exposure to contracted, yield-generating infrastructure. By late April, the first tranche of the 500 MW development pipeline had entered active handover, delivering a substantial, pre-leased capacity block to leading hyperscalers and AI providers and reinforcing the JV’s role in meeting surging global compute demand.

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