Blackstone Digital Infrastructure Trust: Attractive TAM, Awaiting Execution - Initiate EW

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Blackstone Digital Infrastructure Trust: Attractive TAM, Awaiting Execution - Initiate EW

Foundation

June 10, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMBlackstone Digital Infrastructure Trust | North Cameron McVeigh, CFA

America Equity Analyst

Cameron.McVeigh@morganstanley.com +1 212 761-4209

Ronald Kamdem, CFA

Equity AnalystAttractive TAM, Awaiting Ronald.Kamdem@morganstanley.com +1 212 296-8319

Garo K Amerkanian

Research AssociateExecution - Initiate EW Garo.K.Amerkanian@morganstanley.com +1 212 761-1207

Stephen C Byrd

Equity AnalystWe initiate coverage of BXDC at EW with a PT of $23, reflecting

Stephen.Byrd@morganstanley.com +1 212 761-3865

attractive data center tailwinds and acquisition TAM, balanced Sean Diffley, CFA

by execution risk given no acquisitions to date. Long-term leases Equity Analyst

Sean.DIFFLEY@morganstanley.com +1 212 761-5868

with fixed escalators may further limit upside from broader AI-

driven industry growth.M

Key Takeaways Blackstone Digital Infrastructure Trust (BXDC.N, BXDC

Our $23 mid-'27 PT reflects a view that AFFO/share will see outsized growth vs. US)

peers over the near-term with accompanying execution risk. Communications Infrastructure | United States of America

BXDC benefits from accelerating demand for both AI training and AI inference, Stock Rating Equal-weight

Industry View In-Line

along with an over $1tn US data center TAM by 2030. Price target $23.00

Shr price, close (Jun 9, 2026) $22.31

Lease underwriting centers on 10- to 20-year terms with 2-3% annual escalators, Mkt cap, curr (mm) $2,231

52-Week Range $22.83-19.61

making renewal spreads and accretive acquisition spreads key for LT returns.

Substantial capital committed to expanding global data center capacity creates LT

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