Blackstone Digital Infrastructure Trust Inc.

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Investment Snapshot

All Filings

Symbol

BXDC

IPO Date (Actual)

2026-05-14

Offer Range

$20.00

Shares Offered

87.5M

Total Shares Post-IPO

175.0M

Market Cap

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Target Price

$00.00

Implied Upside vs Midpoint

$00.00

Use of Proceeds

—

Price Chart

Historic Price Chart - BXDC

DividendsSplits/Mergers

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Company Description (Source)

Owning Mission-Critical Data Centers that Power the Modern Digital Economy We are a newly organized company focused on acquiring and owning mission-critical data center assets that power the modern digital economy. We will target newly-constructed, income-generating, stabilized data center properties leased to investment-grade hyperscale tenants on long-term contracts. We intend to invest in essential digital infrastructure primarily in top data center markets that exhibit strong supply-demand dynamics. We expect to acquire assets with fixed, annual rent escalators and favorable tenant expense reimbursement structures, providing predictable yields and stable cash flows. Our strategy focuses on essential digital infrastructure assets that serve as the backbone for cloud computing, artificial intelligence (“AI”), and the broader digital transformation driving economic growth. 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. We will be externally managed by our Manager pursuant to the terms of a management agreement, which will be effective upon completion of this offering (the “Management Agreement”). Our Manager is an affiliate of Blackstone, a leading global investment manager with more than $1.3 trillion of total assets under management (“AUM”) as of March 31, 2026. Blackstone Real Estate was founded in 1991 and is the world’s largest owner of commercial real estate(1), with $315 billion of investor capital under management as of March 31, 2026. The Infrastructure group of Blackstone was founded in 2017 and manages $84 billion of capital across digital infrastructure, energy, and transportation assets as of March 31, 2026. Blackstone has significant experience managing externally-advised public reporting companies. Blackstone currently serves as external advisor to seven U.S. public reporters across real estate, infrastructure, private equity, and credit strategies with more than $198 billion in aggregate AUM as of March 31, 2026. These companies include Blackstone Real Estate Income Trust, Inc. (“BREIT”), a non-listed, perpetual life REIT focused on stabilized, income-generating commercial real estate properties, Blackstone Infrastructure Strategies (“BXINFRA”), a non-listed, perpetual-life strategy focused on investing in private infrastructure assets, and Blackstone Mortgage Trust, Inc. (“BXMT”), a publicly listed real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate. Blackstone is the Largest Financial Investor in Data Center and Digital Infrastructure Assets Globally Blackstone is the largest financial investor in data center and digital infrastructure assets globally, and data centers and digital infrastructure represent a large component of Blackstone’s real estate and infrastructure platforms. Since 2018, Blackstone has invested into data center and digital infrastructure opportunities worth approximately $225 billion in transactions across capital structures, including over $150 billion in data center assets. Blackstone is also a significant lender in the sector, with over $10 billion of debt financing provided to data center and digital infrastructure developers and operators. Our Manager will utilize Blackstone’s systematic and disciplined approach to making and managing investments. Our investments will be subject to approval by an investment committee which is composed of some of the most senior and experienced investment professionals at Blackstone, including Stephen A. Schwarzman (Chairman, Chief Executive Officer and Co-Founder of Blackstone), Jonathan Gray (President and Chief Operating Officer of Blackstone), Michael Chae (Vice Chairman and Chief Financial Officer of Blackstone), Kenneth Caplan (Global Co-Chief Investment Officer of Blackstone), Greg Blank (Chief Executive Officer of BXINFRA), Giovanni Cutaia (President of Blackstone Real Estate), Michael Diverio (Senior Managing Director of Blackstone and member of our board of directors), Mike Forman (Head of Americas Acquisitions and Global Head of Digital Infrastructure for Blackstone Real Estate and Chief Investment Officer of BXDC), Rob Harper (Head of Real Estate Asset Management Americas for Blackstone Real Estate), Katharine A. Keenan (Global Head of Core+ Real Estate for Blackstone Real Estate and chair of our board of directors), David Levine (Head of Blackstone Real Estate Americas), Nadeem Meghji (Global Head of Blackstone Real Estate), Nick Pell (Chief Executive Officer and President of BXDC and member of our board of directors), and Jacob Werner (Global Chief Investment Officer of Blackstone Real Estate) (the “BXDC Investment Committee”). The high level of interaction between the BXDC Investment Committee and our Manager’s investment professionals from the inception of a transaction to closing helps identify potential issues early and enables the team to more effectively streamline resources and workflows. Post-acquisition, our Manager will oversee our investments through proactive asset management, as well as periodic asset and valuation reviews. The company’s management team is led by Nick Pell, our Chief Executive Officer and President and a member of our board of directors, Mike Forman, our Chief Investment Officer, and Anthony F. Marone, Jr., our Chief Financial Officer and Treasurer. These senior executive officers possess deep investment and data center expertise across markets and cycles, with Mr. Forman bringing specialized data center investment experience and Mr. Pell and Mr. Marone contributing extensive public markets and REIT operational expertise. Mr. Pell is the former President and Chief Investment Officer of Link Logistics, the largest U.S.-only owner and operator of last-mile industrial real estate and warehouse properties, with more than 3,000 warehouses and distribution facilities strategically located across more than 40 primary U.S. metro areas. He previously served as the Chief Investment Officer of Gramercy Property Trust, a publicly traded REIT that owned and managed industrial warehouses until it was acquired by Blackstone Real Estate in 2018. Mr. Forman, a Senior Managing Director at Blackstone and Head of Americas Acquisitions and Global Head of Digital Infrastructure for Blackstone Real Estate, has been extensively involved in all of Blackstone’s data center investments, including QTS Data Centers (“QTS”), AirTrunk, and a $7 billion joint venture with Digital Realty. Mr. Marone is a Senior Managing Director at Blackstone and the Global Head of Real Estate Finance and has extensive experience serving as Chief Financial Officer of several public REITs and other businesses. Our objective is to generate attractive long-term, risk-adjusted returns for our investors, primarily through distributions and capital appreciation. We intend to achieve this objective by selectively acquiring target assets to build in portfolio that, over time, is designed to provide diversification and deliver attractive returns across a variety of market conditions and economic cycles. Our strategy emphasizes potential downside protection through long-term leases with investment-grade hyperscalers while targeting a premium return relative to hyperscalers’ corporate bonds. However, given the characteristics of the data center industry, our portfolio may be concentrated in certain geographic areas and/or among a limited number of tenants. While we expect to acquire newly-constructed data center properties that are already leased and for which rent payments have commenced, we may selectively consider acquiring data centers that are still in development and where rent payments begin only upon completion. Any such acquisitions would not be immediately income-generating at the time of acquisition. We will commence operations upon completion of this offering. We intend to elect and qualify to be taxed as a REIT, for U.S. federal income tax purposes, commencing with our taxable year ending December 31 for the year in which we receive proceeds from this offering. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on net taxable income that we distribute annually to our stockholders. Upon completion of this offering, we expect to have approximately $ million of cash available to execute our business strategy after giving effect to estimated underwriting discounts and commissions but before expenses payable by us. (1) World’s largest owner of commercial real estate based on estimated market value per Real Capital Analytics, as of March 31, 2025. Excludes governmental entities and religious organizations. --- Blackstone Digital Infrastructure Trust Inc. was incorporated in Maryland on November 21, 2025, under the name Keystone REIT Inc. On March 30, 2026, we changed our name to Blackstone Digital Infrastructure Trust Inc. Our principal executive offices are located at 345 Park Avenue, New York, New York 10154, and our telephone number is (212) 583-5000. Our website: www.bxdc.com.

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