Blackstone Digital Infrastructure Trust Initiating Coverage with a Neutral Rating

Research evidence excerpt

Blackstone Digital Infrastructure Trust Initiating Coverage with a Neutral Rating

J P M O R G A N North America Equity Research

08 June 2026

Blackstone Digital Infrastructure Initiation

Trust Neutral

BXDC, BXDC US

Initiating Coverage with a Neutral Rating Price (05 Jun 26):$21.84

Price Target (Dec-27):$23.00

Communications Infrastructure

Richard Choe AC

(1-212) 622-6708

richard.choe@jpmorgan.com

Braden Nguyen

We are initiating coverage of Blackstone Digital Infrastructure Trust (BXDC) with (1-212) 622-1861

braden.nguyen@jpmorgan.com

a Neutral rating and a $23 Dec-27 price target. The company is a real estate J.P. Morgan Securities LLC

investment trust focused on acquiring stabilized data center assets to curate a

premium portfolio of diversified and stable income-generating assets. The strategy

is to acquire assets from third-party developers with a high-quality hyperscale Quarterly Forecasts (FYE Dec)

tenant under a committed long-term lease. The company raised ~$2b from its IPO Adj. EPS ($)

and plans to leverage the equity for a potential $3.3b in enterprise value in 2025A 2026E 2027E

Q1 0.08

acquisitions. We believe management, supported by Blackstone, has a proprietary Q2 0.00 0.05

pipeline of deals and is a first mover in the AI/HPC stabilized data center Q3 0.15 0.06

marketplace. We believe the stock could represent an attractive opportunity for Q4 0.00 0.14 0.07

investors seeking equity exposure to the AI and data center theme while FY 0.00 0.28 0.25

significantly reducing the risks associated with development projects.

All pricing in this note as of close 5 June

Prioritization of investment-grade hyperscale tenants, combined with the long-

2026, unless otherwise stated

term recurring nature of cash flows from leases, provides stability.