Blackstone Digital Infrastructure Trust (BXDC) Registration filing summary

Company overview and business model

• Focuses on acquiring and owning newly constructed, income-generating, stabilized data center properties in the U.S. leased to investment-grade hyperscale tenants on long-term contracts.

• Externally managed by an affiliate of Blackstone, leveraging Blackstone’s expertise and relationships in digital infrastructure.

• Intends to qualify as a REIT for U.S. federal income tax purposes and operate as an UPREIT structure.

• No data center assets acquired as of the IPO; considered a “blind pool” with broad discretion in use of proceeds.

Market opportunity and competitive landscape

• Targets a $1 trillion total addressable stabilized data center market over the next five years, driven by AI, cloud computing, and digitalization megatrends.

• U.S. data center market expected to triple in value to $1 trillion by 2030, with strong supply-demand imbalance and low vacancy rates.

• Faces competition from REITs, institutional investors, and technology companies, but benefits from Blackstone’s scale, relationships, and off-market sourcing capabilities.

Financial performance and metrics

• As of March 31, 2026, no revenues or operating assets; balance sheet consists of cash and no liabilities.

• Organizational and offering costs advanced by the manager; not recorded until principal operations commence.